SHAREHOLDER ALERT: Pomerantz L – GuruFocus.com
NEW YORK, May 06, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in Netflix, Inc. (“Netflix” or the “Company”) (NFLX). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529 ext. 7980.
The investigation focuses on whether Netflix and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
On January 20, 2022, after the market closed, Netflix reported that it had “slightly overestimated paid net additions in the fourth quarter”, adding 8.3 million subscribers compared to the 8.5 million forecast. The company also said that despite “healthy” retention and engagement, it only expects to add 2.5 million net subscribers in Q1 2022, below the 4.0 million net additions. of the period of the previous year.
On this news, Netflix’s stock price fell $110.75 per share, or 21.7%, to close at $397.50 per share on January 21, 2022.
Then, on April 19, 2022, after the market closed, Netflix announced that it had lost 200,000 subscribers in the first quarter of 2022, compared to previous forecasts that the company would add 2.5 million net subscribers. The company cited slowing revenue growth as four factors, including account sharing with around 100 million additional households and competition with other streaming services.
On this news, Netflix’s stock price fell $122.42 per share, or more than 35%, to close at $226.19 per share on April 20, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. To see www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980