NEW YORK, March 15, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Netflix, Inc. ("Netflix" or the "Company") (NASDAQ: NFLX) and certain of its officers, on behalf of shareholders who purchased Netflix securities between July 22, 2014 and October 15, 2014, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/nflx.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and failed to disclose material adverse facts. Specifically, Netflix failed to notify investors that its May 2014 price increase for monthly streaming subscriptions would not have a substantial effect on subscriber growth. Instead, on July 21, 2014, Netflix told investors that this price increase had a "minimal" and "nominal" impact on subscriber growth and that any negative effect on revenue was "background noise" with "no noticeable effect in the business."
On October 15, 2014, Netflix revealed that its "[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." Following this news, Netflix stock dropped, damaging investors.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/nflx or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Netflix you have until May 1, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC