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Brower Piven Commences Class Action Lawsuit On Behalf Of Purchasers Of Netflix Inc

Tuesday, 26 Feb 2013 06:12pm EST 

Brower Piven, A Professional Corporation announced that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Netflix Inc common stock during the period between July 3, 2012 and July 24, 2012, inclusive (the Class Period). The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period the significant risk, based on available data, that the Company might not achieve the projected 7 million net domestic streaming subscription additions. According to the Complaint, following Netflix's July 24, 2012 disclosure that net domestic streaming subscription additions were at about 530,000 for the second quarter of 2012 and that the Company might not meet its year-end target of 7 million net domestic streaming subscription additions, the value of Netflix shares declined significantly. 

Company Quote

1.98 +0.52%
24 Oct 2014