(NFLX) DEADLINE: Did You Suffer a Substantial Loss? Contact Johnson Fistel About Leading Netflix Class Action Lawsuit
SAN DIEGO, May 4, 2022 / (Globe Newswire)
Shareholder rights law firm Johnson Fistel, LLP announces that a class-action lawsuit was filed on behalf of all those who purchased Netflix, Inc. (“Netflix” or the “Company”) (NASDAQ: NFLX) securities during the period between October 19, 2021 and April 19, 2022, inclusive (the “Class”). The action was filed in the United States Northern District of California.
HOW TO JOIN: The Private Securities Litigation Reform Act permits any investor who is a member of the Class described above to seek appointment as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
If you wish to seek appointment as lead plaintiff, please contact Johnson Fistel, LLP to submit your losses:
Lead plaintiff motions for the Netflix class-action lawsuit must be filed with the court no later than July 5, 2022.
CASE ALLEGATIONS: On April 19, 2022, after the market closed, Netflix reported that it lost 200,000 subscribers during the first quarter of 2022, compared to prior guidance expecting the Company to add 2.5 million net subscribers. The Company cited the slowing revenue growth to four factors, including account sharing with an estimated 100 million additional households and competition with other streaming services.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Netflix was exhibiting slower acquisition growth due to, among other things, account sharing by customers and increased competition from other streaming services; (2) that the Company was experiencing difficulties retaining customers; (3) that, as a result of the foregoing, the Company was losing subscribers on a net basis; (4) that, as a result, the Company’s financial results were being adversely affected; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
ABOUT JOHNSON FISTEL: Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471