Warner Bros. Discovery Inc. and top executives violated federal securities law by failing to disclose to investors the risks accompanying rights renewal negotiations with third-parties, including the NBA, a proposed class action claims.
The global entertainment company, its CEO, and its chief financial officer allegedly failed to disclose that Warner Bros.'s sports rights negotiations with the NBA were likely to cause it to “significantly reevaluate its business and goodwill.” The defendants in financial statements and on calls with investors also “overstated WBD’s overall business and financial prospects,” a complaint filed Monday in the US District Court for the Southern District ...
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