Lionsgate Studios Corp.

Current report

The Company’s business, reputation, results of operations, financial condition and stock price can be affected by a number of factors, whether currently known or unknown, including those described in Part I, Item 1A of the 2026 Form 10-K for the fiscal year ended March 31, 2026 and Part II, Item 1A of the Form 10-Q for the first quarter ended June 30, 2026, in each case under the heading “Risk Factors”. Except for the risk factors disclosed in Part II, Item 1A of the first quarter ended June 30, 2026 Form 10-Q, which is hereby incorporated by reference into Part II, Item 1A of this Form 10-Q, there have been no material changes to the Company’s risk factors as previously reported in the 2026 Form 10-K for the fiscal year ended March 31, 2026.

Previous report

Other than as set forth below, there were no other material changes to the risk factors previously reported in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026.

Previous report

Purported noteholders have instituted suit against Old Lionsgate claiming that it breached the indenture governing certain 5.500% senior notes due 2029 by virtue of an amendment executed in connection with an exchange by certain noteholders for new notes.

Previous report

On August 27, 2024, purported holders of former 5.500% Notes of Old Lionsgate (as defined and discussed in Note 8 to the consolidated financial statements) (now Starz Entertainment Corp. (“Starz”)) filed a complaint in New York State court asserting claims forbreach of certain contractual provisions and breach of the implied covenant of good faith and fair dealing based on a May 2024 transaction in which Old Lionsgate exchanged approximately $390 million in aggregate principal amount of 5.500% Notes for new 5.500% exchange notes due 2029 (now, the 6.00% Notes) and entered into Supplemental Indenture No. 10 to the indenture governing the 5.500% Notes (the “LGEC Indenture”). The main basis for these claims is that Supplemental Indenture No. 10 allegedly implicated certain provisions of the LGEC Indenture that require consent of each affected holder for certain types of waivers, amendments, and supplements to the LGEC Indenture. The relief sought includes a request for a declaration that Supplemental Indenture No. 10 and the associated exchange transaction are null and void. On September 13, 2024, another purported holder sought to intervene as a plaintiff in the same suit asserting nearly identical claims, which intervention was granted on October 11, 2024. The second holder subsequently added additional theories against Old Lionsgate and brought claims against other parties. On May 23, 2025, both plaintiffs filed amended complaints in view of the completion of the Starz Separation. On June 10, 2025, Old Lionsgate filed a motion to dismiss, which, on March 17, 2026, was granted in part and denied in part. Following the partial denial of Old Lionsgate's motion to dismiss, Old Lionsgate filed a notice of appeal with respect to the claims that were permitted to proceed. Subsequently, the parties entered into a settlement agreement resolving all claims, and on July 9, 2026, the court dismissed the action with prejudice.