Warner Bros. Discovery Inc. and its top executives prevailed again on appeal in a securities lawsuit, after a panel of Second Circuit judges ruled Friday that investors couldn’t show the entertainment giant misled them in disclosures before its merger took place.
The offering documents for the tie-up between Warner Bros. and Discovery allegedly left out key details about subscriber numbers, third-party licensing, and content release strategy, but those claims aren’t sufficient to show “actionable omissions” in disclosures, the unsigned opinion said.
Investors had alleged that both Discovery and WarnerMedia stated they had scrutinized each other’s investment plans and nonpublic financial ...
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