*Please only contact if purchased before October 19, 2021
NEW YORK, Nov. 8, 2023 - Netflix, Inc. (NASDAQ: NFLX) primarily operates an entertainment platform that offers TV series, documentaries, feature films, and mobile games across a variety of genres and languages. It also offers a DVD-by-mail service in the U.S.
The Moore Kuehn investigation concerns statements about Netflix's business that statements may have been materially false and misleading when made because: (1) Netflix was exhibiting slower acquisition growth due to, among other things, account sharing by customers and increased competition from other streaming services; (2) the Company was experiencing difficulties retaining customers; (3) the Company was losing subscribers on a net basis; and (4) as a result, the Company's financial results were being adversely affected.
On January 20, 2022, after the market closed, Netflix reported that it "slightly over-forecasted paid net adds in Q4," adding 8.3 million subscribers compared to the 8.5 million forecast. The Company also stated that, despite "healthy" retention and engagement, it only expected to add 2.5 million net subscribers during first quarter 2022, below the 4.0 million net adds in the prior year period. On this news, the Company's stock price fell over 21% to close at $397.50 per share on January 21, 2022.
Then, on April 19, 2022, after the market closed, Netflix reported that it lost 200,000 subscribers during the first quarter of 2022, compared to prior guidance expecting the Company to add 2.5 million net subscribers. The Company cited the slowing revenue growth to four factors, including account sharing and competition with other streaming services.
On this news, the price of Netflix stock declined over 35% to close at $226.19 per share on April 20, 2022.
If you own NFLX please contact Fletcher Moore, Esq. by email at fmoore@moorekuehn.com. There is no cost to you. Moore Kuehn is a New York-based law firm with attorneys representing investors and consumers.
Please visit http://www.moorekuehn.com/practice/new-york-shareholder-derivative-litigation/
Attorney advertising. Prior results do not guarantee similar outcomes.
Moore Kuehn, PLLC
Fletcher Moore, Esq.
30 Wall Street, 8th Floor
New York, New York 10005
fmoore@moorekuehn.com
(212) 709-8245
SOURCE Moore Kuehn, PLLC
