Netflix, Inc.
| Company Name | Netflix, Inc. |
| Stock Symbol | NFLX |
| Class Period | April 17, 2019 to July 17, 2019 |
| Lead Plaintiff Motion Deadline | September 20, 2019 |
On July 17, 2019, after market hours, Netflix disclosed that it only acquired 2.7 million new subscribers, significantly below its forecast of 5 million new subscribers, during second quarter 2019.
On this news, shares of Netflix fell $47.34 per share, or over 13%, over two consecutive trading sessions to close at $315.10 per share on July 19, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Netflix would not be able to gain its expected target number of new subscribers in the second quarter of 2019; (2) that Netflix would also lose subscribers from the United States in the second quarter of 2019; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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