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Nightmare: Netflix Hit with Shareholder Lawsuit Alleging Executives Misled Investors Amid Subscriber Exodus
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[link to www.breitbart.com (secure)]
As its stock tanks and its subscribers continue to flee, Netflix is now facing a shareholder lawsuit accusing the left-wing streamer of misleading investors about the difficulties the company was experiencing in retaining customers.
The lawsuit, which was filed Tuesday in a northern California federal court, covers Netflix shareholders who bought the stock between October 19, 2021 and April 19, 2022 — a period during which the value of the stock plummeted a stunning 67 percent.
“As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages,” the court filing states.
The suit, which is being brought by a trustee of an entity called the Imperium Irrevocable Trust, cited public statements made by Netflix during its most recent third and fourth quarter earnings reports in which the company painted an optimistic picture of subscriber growth.
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