Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $500,000 Investing In Netflix, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Netflix, Inc. ("Netflix" or the "Company")(NASDAQ: NFLX) of the September 20, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Netflix stock or options between April 17, 2019 and July 17, 2019 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Netflix securities between April 17, 2019 and July 17, 2019 (the "Class Period"). The case, Wallerstein v. Netflix, Inc. et al., No. 19-cv-04195 was filed on July 22, 2019, and has been assigned to Judge Lucy H. Koh.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Netflix would not be able to gain its expected target number of new subscribers in the second quarter of 2019; (2) Netflix would also lose subscribers from the United States in the second quarter of 2019; and (3) as a result, defendants’ public statements were materially false and misleading at all relevant times.
On July 17, 2019, after the market closed, Netflix released a letter to shareholders which revealed that Netflix missed its expected target for number of new subscribers. The letter to shareholders revealed that Netflix lost 126,000 subscribers in the United States during the second quarter of 2019. On the same day, Netflix held an earnings call to discuss its financial and operating results for the quarter. During the call, the Company’s Chief Financial Officer attributed the missed subscription target to the “timing of [Netflix’s] content slate” and price increases.
On this news, Netflix's share price fell from $362.44 per share on July 17, 2019 to a closing price of $315.10 on July 19, 2019: a $47.34 or a 13.06% two-day drop.
Netflix, Inc. (NFLX)
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Filed on 07/23/2019
Ticker NASDAQ: NFLX
Lead Plaintiff Deadline 09/20/2019
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Richard W. Gonnello firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331