SAN DIEGO, March 2, 2017 /PRNewswire/ -- Class action law
firm Finkelstein & Krinsk LLP announces a securities fraud
investigation into Netflix, Inc. ("Netflix" or the "Company")
(NASDAQ GS: NFLX) on behalf of the Company's current and former
shareholders. On March 1,
2017, a lawsuit was filed against Netflix, its CEO
Reed Hastings and CFO David Wells in the United States District Court
for the Northern District of California, on behalf of purchasers of Netflix
common stock between July 22, 2014
and October 15, 2014, inclusive
(referred to as the "Class Period").
What You May Do
If you are a Netflix shareholder and would like to discuss your
legal rights and how this case might affect your right to recover
your investment losses, you may, without obligation or cost to you,
e-mail or call Finkelstein & Krinsk LLP's managing partner,
Jeffrey R. Krinsk
(jrk@classactionlaw.com), or attorney David
J. Harris, Jr. (djh@classactionlaw.com) at (619) 238-1333,
or call toll free at (877) 493-5366. If you wish to serve as
a lead plaintiff in this class action and oversee lead counsel for
the goal of obtaining a fair and just resolution, you must request
this position by application by May 1,
2017. Any member of the class may move the Court to serve as
lead plaintiff through counsel of their choice, or may choose to do
nothing and remain an absent class member. Finkelstein &
Krinsk LLP encourages both institutional and individual purchasers
of Netflix stock to contact the firm. The ultimate resolution of
any securities class action is strengthened through the broad
involvement of aggrieved shareholders and lead plaintiffs who have
significant financial interests in the outcome. Finkelstein
& Krinsk LLP also encourages anyone with information regarding
the defendants' conduct relating to this lawsuit to contact the
firm: including whistleblowers, former Netflix employees, Netflix
shareholders and others.
About the Lawsuit
Netflix and certain of its officers and directors are charged
with making materially false and misleading statements and
omissions related to the Company's business and operations in
violation of the Securities Exchange Act of 1934. The
allegations surround Netflix's 2014 price increase for monthly
streaming subscriptions, and the Company's failure to inform
investors that its price increases would materially impede
subscriber growth.
On October 15, 2014, and contrary
to its earlier statements, Netflix revealed that its price increase
had substantially slowed subscriber growth and sharply reduced the
Company's near-term earnings outlook. As a result of these
disclosures, Netflix stock plummeted by more than 19%, falling from
a closing price of $448.59 per share
on October 15, 2014 to a close of
$361.70 per share on October 16, 2014.
About Finkelstein & Krinsk LLP
Finkelstein & Krinsk LLP has decades of experience
prosecuting securities and consumer class actions to remedy
corporate wrongdoing.
Attorney Advertising. Prior litigation results do not
guarantee similar results in the future.
Contact:
Finkelstein & Krinsk LLP
Jeffrey R. Krinsk, Esq.
jrk@classactionlaw.com
David J. Harris, Jr., Esq.
djh@classactionlaw.com
550 West C Street
Suite 1760
San Diego, CA 92101
Tel: (619) 238-1333
Fax: (619) 238-5425
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SOURCE Finkelstein & Krinsk LLP