The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Netflix, Inc. (NASDAQ: NFLX) who purchased common stock or call options, or sold put options, between October 19, 2021 and April 19, 2022. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the Netflix, Inc. lawsuit alleges that (1) Netflix was exhibiting slower acquisition growth due to, among other things, account sharing by customers and increased competition from other streaming services; (2) the Company was experiencing difficulties retaining customers; (3) as a result of the foregoing, the Company was losing subscribers on a net basis (4) as a result, the Company’s financial results were being adversely affected; 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 lacked a reasonable basis.
Shareholders have until July 5, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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