NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 1, 2017 to file lead plaintiff applications in a securities class action lawsuit against Netflix, Inc. (NasdaqGS: NFLX), if they purchased the Company’s securities between July 22, 2014 and October 15, 2014, inclusive (the “Class Period”). The action is pending in United States District Court for the Northern District of California.
What You May Do
If you purchased securities of Netflix and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by May 1, 2017.
About the Lawsuit
Netflix and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
In May 2014, Netflix made a price increase for monthly streaming subscriptions. On July 21, 2014, Netflix representatives told the market that the price increase had a “minimal” and “nominal” impact on subscriber growth, further stating that any adverse effect on revenue was “background noise” which had “no noticeable effect in the business.”
Then, on October 15, 2014, Netflix revealed that the impact on earnings was hugely negative, including that the subscriber growth numbers were so low that Netflix slashed its projected earnings by almost fifty percent.
On this news, the price of Netflix’s shares plummeted.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.