According to the Complaint, Goldman Sachs Group Inc. and Morgan Stanley are global financial services institutions that served as prime brokers for Archegos Capital Management, a family office with $10 billion under management, helping Archegos make trades and lending it capital in the form of margin lending.

The Complaint alleges that Goldman Sachs and Morgan Stanley sold a large amount of Discovery Inc. ("Discovery" or the "Company") shares during the Class Period while in possession of material, non-public information about Archegos and its need to fully liquidate its position in the Company because of margin call pressure. As a result of these sales, Defendants Goldman Sachs and Morgan Stanley avoided billions in losses combined. The Complaint further alleges that Defendants knew, or were reckless in not knowing, that they were prohibited from trading based on this confidential market-moving information, but traded anyway, disposing to Plaintiff and other members of the Class their Discovery shares before the news about Archegos was announced and Discovery’s shares plummeted.

On April 12, 2022, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on June 13, 2022. Defendants filed a Motion to dismiss the amended Complaint on August 12. On March 31, 2023, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff was given leave to amend the Complaint.

On May 15, 2023, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on July 18. On March 28, 2024, the Court issued an Order granting Defendants' Motion to dismiss. The case was dismissed with prejudice.