Yost’s Office to Lead Securities Class-Action Lawsuit Against Warner Bros. Discovery

Update to November 28th Release

(COLUMBUS, Ohio) — A federal judge has appointed two Ohio pension systems as lead plaintiffs and Ohio Attorney General Dave Yost’s office as lead counsel in a securities class-action lawsuit against Warner Bros. Discovery (WBD), the entertainment conglomerate formed after the spinoff of Warner Media by AT&T and its merger with Discovery on April 8, 2022.

In a motion filed on Nov. 22 in U.S. District Court for the Southern District of New York, Yost sought the lead-plaintiff status on behalf of the Ohio Public Employees Retirement System and the State Teachers Retirement System, which lost $25.5 million, the lawsuit maintains, because WBD officials deliberately misled investors during the merger process.

This week, Judge Valerie Caproni ruled in Ohio’s favor.