A lawsuit was filed on behalf of investors in Netflix, Inc. (NASDAQ:NFLX) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/20/2022 -- An investor, who purchased NASDAQ: NFLX shares, filed a lawsuit against Netflix, Inc over alleged violations of Federal Securities Laws.
Investors who purchased shares of Netflix, Inc. (NASDAQ: NFLX) have certain options and for certain investors are short and strict deadlines running. Deadline: July 5, 2022. NASDAQ: NFLX investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On January 20, 2022, Netflix, Inc reported that it "slightly over-forecasted paid net adds in Q4," adding 8.3 million subscribers compared to the 8.5 million forecast. Netflix, Inc also stated that, despite "healthy" retention and engagement, it only expected to add 2.5 million net subscribers during first quarter 2022, below the 4.0 million net adds in the prior year period.
On April 19, 2022, after the market closed, Netflix, Inc. reported that it lost 200,000 subscribers during the first quarter, while analysts had expected the Company to add 2.5 million net subscribers.
Shares of Netflix, Inc. (NASDAQ: NFLX) declined from over $620 per share in December 2021, to as low as $170.57 per share on May 10, 2022
The plaintiff claims that between October 19, 2021 and April 19, 2022, the Defendants failed to disclose to investors that Netflix was exhibiting slower acquisition growth due to, among other things, account sharing by customers and increased competition from other streaming services, that the Company was experiencing difficulties retaining customers, that, as a result of the foregoing, the Company was losing subscribers on a net basis, that, as a result, the Company's financial results were being adversely affected, and 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.
Those who purchased shares of Netflix, Inc. (NASDAQ: NFLX) have certain options and should contact the Shareholders Foundation.
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