Class-Action Lawsuit Filed Against Warner Bros. Over $25.5M Stock Losses

Ohio’s two largest public pension funds are suing Warner Bros. Discovery, claiming that the company leaders misled investors during its merger and the retirement systems suffered $25.5 million in losses.

Attorney General Dave Yost filed paperwork to get Ohio named as the lead plaintiff in the securities class-action lawsuit. Yost represents the Ohio Public Employee Retirement System and the State Teachers Retirement System.

The case, which is pending in U.S. District Court for the Southern District of New York, claims that company executives failed to disclose adverse financial information before the merger closed April 8. For example, the company overstated its HBO Max subscribers by as much as 10 million, the lawsuit says.

Read the source article at dispatch.com