NEW YORK, Oct. 31, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that class action lawsuits can be filed on behalf of shareholders of Warner Bros. Discovery, Inc. (NASDAQ: WBD), Olo, Inc (NYSE: OLO), Centessa Pharmaceuticals Plc (NASDAQ: CNTA) and PayPal Holdings, Inc. (NASDAQ: PYPL). Shareholders have until the deadlines below to petition the court to appear as lead plaintiffs. For more information on each case, see the link provided.

Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Class Period: May 17, 2021 – April 8, 2022

Lead Plaintiff Deadline: November 22, 2022

The lawsuit alleges that the defendants made materially false and misleading statements and omitted material facts in the registration statement and prospectus for Warner Bros. common stock. The Complaint’s allegations related to the merger between Discovery and AT&T’s WarnerMedia business (the “Merger”). The merger was announced on May 17, 2021 and completed on April 8, 2022. Pursuant to the merger, Discovery combined its business with WarnerMedia to bring Warner Bros.

At the time the registration statement and prospectus were filed, the defendants either knew of or had access to adverse information regarding the operation of WarnerMedia’s business. As later disclosed by the Post-Merger Defendants, among other things, (i) WarnerMedia’s HBO Max streaming business had a high churn rate that made the business not “viable” unless the churn rate was reversed, (ii ) AT&T overinvested in entertaining WarnerMedia streaming content without sufficient consideration for return on investment, (iii) WarnerMedia had a business model to increase the number of subscribers to its streaming service without concern for cost or profitability, (iv) WarnerMedia was focused its investments in streaming recklessly and ignored its other businesses, and (v) WarnerMedia had overstated HBO’s subscriber base…