NEW
YORK, June 2, 2023 /PRNewswire/ -- Jakubowitz
Law announces that a securities fraud class action lawsuit has
commenced on behalf of shareholders of The Walt Disney Company
(NYSE: DIS).
To receive updates on the lawsuit, fill out the
form:
https://claimyourloss.com/securities/disney-class-action-loss-submission-form/?id=40177&from=4
The lawsuit seeks to recover losses for shareholders who
purchased Disney between December 10,
2020 and November 8, 2022.
Shareholders interested in acting as a lead plaintiff
representing the class of wronged shareholders have until
July 11, 2023 to petition the
court. Your ability to share in any recovery doesn't require that
you serve as a lead plaintiff.
According to a filed complaint, The Walt Disney Company issued
materially false and/or misleading statements and/or failed to
disclose that: (a) Disney+ was suffering decelerating subscriber
growth, losses, and cost overruns; (b) the true costs incurred in
connection with Disney+ had been concealed by Disney executives by
debuting certain content intended for Disney+ initially on Disney's
legacy distribution channels and then making the shows available on
Disney+ thereafter in order to improperly shift costs out of the
Disney+ segment; (c) Disney Media and Entertainment Distribution
had made platform distribution decisions based not on consumer
preference, consumer behavior, or the desire to maximize the size
of the audience for the content as represented, but based on the
desire to hide the full costs of building Disney+'s content
library; (d) the Company was not on track to achieve its 2024
Disney+ paid global subscriber and profitability targets, that such
targets were not achievable, and that such estimates lacked a
reasonable basis in fact; and (e) as a result of (a)-(d) above,
defendants had materially misrepresented the actual performance of
Disney+, the sustainability of Disney+'s historical growth trends,
the profitability of Disney+, and the likelihood that Disney could
achieve its 2024 Disney+ subscriber and profitability targets.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities fraud. Attorney
advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (628) 895-0423
F: (212) 537-5887
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SOURCE Jakubowitz Law