BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Netflix, Inc. (“Netflix” or the “Company”) (NASDAQ: NFLX) securities between April 17, 2019 and July 17, 2019, inclusive (the “Class Period”). Netflix investors have until September 20, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Netflix investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
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.
If you purchased securities of Netflix, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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