NEW YORK, NY / ACCESSWIRE / March 15, 2017 / The Pawar Law Group announces a class action lawsuit on behalf of Netflix, Inc. NFLX investors who purchased Netflix stock between July 22, 2014 and October 15, 2014, inclusive (the "Class Period"). The suit is for recovery of investor losses.
To participate in this class action lawsuit, visit the firm's website at http://pawarlawgroup.com/cases/netflix-inc/ or email Vik Pawar, Esq. at vik@pawarlawgroup.com or call toll free at (866) 999-0873.
No class has been certified in the above action yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the complaint Netflix failed to inform investors that its May 2014 price increase for monthly streaming subscriptions could have a big, negative impact on subscriber growth that is consistent with its prior experiences. Instead, on July 21, 2014, Netflix informed the market that the price increase had a "minimal" and "nominal" impact on subscriber growth and that any adverse effect on revenue was "background noise" with "no noticeable effect in the business."
On October 15, 2014, Netflix revealed that the impact on earnings was hugely negative and slashed its projected earnings by almost 50%. Netflix also stated in a letter to shareholders that "[Y]ear on year net additions in the US were down (1.3 million in Q3 2013 to 1 million in Q3 2014). As best we can tell, the primary cause is the slightly higher prices we now have compared to a year ago. Slightly higher prices result in slightly less growth, other things being equal, and this is manifested more clearly in higher adoption markets such as the US." On this news, shares of Netflix fell more than 19% to close at $361.70 per share on October 16, 2014, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than May 1, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You may join the case here: http://pawarlawgroup.com/cases/netflix-inc/ or email Vik Pawar, Esq. at vik@pawarlawgroup.com
Contact:
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1210
New York, NY 10007
Tel: (212) 571-0805
Fax: (212) 571-0938
vik@pawarlawgroup.com
SOURCE: Pawar Law Group
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
