SAN DIEGO, April 4, 2017 /PRNewswire/ -- Class action law firm Finkelstein & Krinsk LLP announces a securities class action against Netflix, Inc. ("Netflix" or the "Company") (NASDAQ GS: NFLX - News) 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, 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 of this lawsuit, you must apply to serve as a lead plaintiff by May 1, 2017. Any member of the class may move the Court to serve as lead plaintiff through attorneys of their choice, or may choose to do nothing and remain an absent class member. Finkelstein & Krinsk LLP encourages purchasers of Netflix stock between July 22, 2014 and October 15, 2014 (inclusive) to contact the firm.
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 hinder subscriber growth.
Contrary to Netflix's earlier statements, the Company revealed on October 15, 2014 that its price increase had substantially slowed subscriber growth and reduced the Company's near-term earnings outlook. As a result of these disclosures, Netflix stock plummeted by more than 19% 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 future litigation results.
Finkelstein & Krinsk LLP
Jeffrey R. Krinsk, Esq.
David J. Harris, Jr., Esq.
550 West C Street, Suite 1760
San Diego, CA 92101
Tel: (619) 238-1333
Fax: (619) 238-5425
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SOURCE Finkelstein & Krinsk LLP