The merger is well known HBO Max y Discovery Plus It is still running, after it decided to cut costs and thus make more money, even original productions were affected. And now, a lawsuit has been filed against the company, which appears to be defrauding shareholders.
And it seems Warner Bros. Inventing its customer base HBO Max up to 10 million, misleading shareholders into thinking they were in violation Securities Act To complete the integration with discovery. According to a class action lawsuit that claims it could potentially represent “hundreds of thousands” of affected people.
The incident happened last Friday New York For the board Collinsville Police Pensionwith an Illinois-based shareholder who received an exchange of his common shares discovery Class C before the merger. At the time of merger, the shares were valued at $24.78M; As of Tuesday, shares were trading above $11M.
It is commented that the executive director is appointed David Zaslav and financial director Gunnar Weidenfels Like the defendants in the case.
A snippet of what this case says:
WarnerMedia was unexpectedly focusing its investment on streaming and ignoring its other lines of business…and overestimated HBO Max’s subscriber base by as many as 10 million subscribers, including AT&T customers who had an access package to HBO Max. Received, but not signed. in service
For now, a jury trial is being sought for money damages, alleging three separate violations Securities and Exchange Commission.
Through: wrapped up
