Consolidated Amended Complaint vs. Warner Bros. Discovery Due Feb. 15

The lead plaintiffs in the securities fraud class action against Warner Bros. Discovery -- the Ohio Public Employees Retirement System and the State Teachers Retirement System of Ohio -- face a Wednesday deadline for filing a consolidated amended complaint, said a joint stipulation and order (docket 1:22-cv-08171) signed Thursday by U.S. District Judge Valerie Caproni for Southern New York in Manhattan. The class action names Discovery, Warner Bros. Discovery and CEO David Zaslav and Chief Financial Officer Gunnar Wiedenfels as defendants, alleging they withheld negative information about WarnerMedia in the run-up to the April 8 closing of the transaction that caused Warner Bros. Discovery shares to plummet 52.4% on the first day of trading (see 2212140024). March 31 is the deadline for the defendants to answer the consolidated amended complaint, said Caproni’s order. If the defendants move for dismissal, the lead plaintiffs have until April 28 to file an opposition, it said. Any reply to the opposition will be due May 26, it said.