SAN DIEGO, March 2, 2017 /PRNewswire/ -- Class action law firm Finkelstein & Krinsk LLP announces a securities fraud investigation into Netflix, Inc. ("Netflix" or the "Company") (NASDAQ GS: NFLX) on behalf of the Company's current and former shareholders. On March 1, 2017, a lawsuit was filed against Netflix, its CEO Reed Hastings and CFO David Wells in the United States District Court for the Northern District of California, on behalf of purchasers of Netflix common stock between July 22, 2014 and October 15, 2014, inclusive (referred to as the "Class Period").
What You May Do
If you are a Netflix shareholder and would like to discuss your legal rights and how this case might affect your right to recover your investment losses, you may, without obligation or cost to you, e-mail or call Finkelstein & Krinsk LLP's managing partner, Jeffrey R. Krinsk (firstname.lastname@example.org), or attorney David J. Harris, Jr. (email@example.com) at (619) 238-1333, or call toll free at (877) 493-5366. If you wish to serve as a lead plaintiff in this class action and oversee lead counsel for the goal of obtaining a fair and just resolution, you must request this position by application by May 1, 2017. Any member of the class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Finkelstein & Krinsk LLP encourages both institutional and individual purchasers of Netflix stock to contact the firm. The ultimate resolution of any securities class action is strengthened through the broad involvement of aggrieved shareholders and lead plaintiffs who have significant financial interests in the outcome. Finkelstein & Krinsk LLP also encourages anyone with information regarding the defendants' conduct relating to this lawsuit to contact the firm: including whistleblowers, former Netflix employees, Netflix shareholders and others.
About the Lawsuit
Netflix and certain of its officers and directors are charged with making materially false and misleading statements and omissions related to the Company's business and operations in violation of the Securities Exchange Act of 1934. The allegations surround Netflix's 2014 price increase for monthly streaming subscriptions, and the Company's failure to inform investors that its price increases would materially impede subscriber growth.
On October 15, 2014, and contrary to its earlier statements, Netflix revealed that its price increase had substantially slowed subscriber growth and sharply reduced the Company's near-term earnings outlook. As a result of these disclosures, Netflix stock plummeted by more than 19%, falling from a closing price of $448.59 per share on October 15, 2014 to a close of $361.70 per share on October 16, 2014.
About Finkelstein & Krinsk LLP
Finkelstein & Krinsk LLP has decades of experience prosecuting securities and consumer class actions to remedy corporate wrongdoing.
Attorney Advertising. Prior litigation results do not guarantee similar results in the future.
Finkelstein & Krinsk LLP
Jeffrey R. Krinsk, Esq.
David J. Harris, Jr., Esq.
550 West C Street
San Diego, CA 92101
Tel: (619) 238-1333
Fax: (619) 238-5425
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