Warner Bros. seriously altered its HBO Max subscriber numbers and misled shareholders, a class-action lawsuit alleges.
Warner Bros. seriously altered its HBO Max subscriber numbers and misled shareholders, a class-action lawsuit that could include “hundreds of thousands of plaintiffs” alleges. The Wrap reports the lawsuit was filed Friday in New York “on behalf of the Collinsville Police Pension Board, an Illinois-based shareholder of Warner Bros. Discovery stock.” The suit alleges Warner Bros. “cooked” subscriber numbers by as many as 10 million and violated the Securities Act in order to merge with Discovery.
Warner Bros. Discovery CEO David Zaslav and CFO Gunnar Wiedenfels are named in the suit as defendants. WBD did not respond to The Wrap for comment.