NEW YORK, June 16, 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=40878&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
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New York, New York 10036
T: (628) 895-0423
F: (212) 537-5887

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SOURCE Jakubowitz Law