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Kirby McInerney LLP recalls in

NEW YORK, June 9, 2022 (GLOBE NEWSWIRE) — Law firm Kirby McInerney LLP announces that a class-action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Netflix, Inc. (“Netflix” or “Company”) ( NFLKS) securities from January 19, 2021 to April 19, 2022, both inclusive (the “Class Period”). Investors have until July 5, 2022 to apply to the court to appoint them as the main plaintiff in the lawsuit.

Netflix mainly operates an entertainment platform that offers TV series, documentaries, feature films and mobile games in a variety of genres and languages. It also offers a DVD mail order service in the US.

On January 20, 2022, after the market closed, Netflix reported that it had “slightly overestimated its fourth-quarter paid net subscription forecast”, adding 8.3 million subscribers, up from a forecast of 8.5 million. The company also said that despite “healthy” retention and engagement, it expected to add only 2.5 million net subscribers in the first quarter of 2022, down from 4.0 million net subscribers in the prior year period. On the news, the Company’s share price dropped $110.75 per share, or approximately 21.79%, from $508.25 per share to $397.50 per share at the close on January 21, 2022.

On April 19, 2022, after the market closed, Netflix reported that it had lost 200,000 subscribers during the first quarter of 2022, compared to a previous forecast that had expected the company to add 2.5 million net subscribers. The company attributed the slowdown in revenue growth to four factors, including account sharing with approximately 100 million additional households and competition from other streaming services. On the news, the Company’s share price fell $122.42 per share, or approximately 35.23%, from $348.61 per share to $226.19 per share on April 20, 2022.

The suit alleges that during the Litigation Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Netflix experienced slower acquisition growth due to, among other things, customer account sharing and increased competition from other streaming services; (2) The company had difficulty retaining customers; (3) as a result of the foregoing, the Company lost subscribers on a net basis; (4) the financial results of the Company were adversely affected as a result; and (5) 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 without reasonable basis.

If you have acquired or otherwise acquired Netflix securities, have information or would like to learn more about these claims, please contactThomas W. Elrod fromKirby McInerney LLP by email to [email protected]or by filling it out Feedback formto discuss your rights or interests in relation to these matters at no cost to you.

Kirby McInerney LLP is a New York-based plaintiffs law firm that specializes in securities, antitrust, information and consumer disputes. The firm’s efforts on behalf of shareholders in securities litigation resulted in damages totaling billions of dollars. Additional information about the firm can be found on the Kirby McInerney LLP website:http://www.kmllp.com.

This press release may be considered an attorney’s advertisement in some jurisdictions under applicable law and ethical standards.

Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-371-6600
https://www.kmllp.com
[email protected]

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