A class-action lawsuit against Netflix alleges that the company misled its investors over the precipitous decline in subscribers the company suffered in the first quarter of this year.
The suit, filed in the United States District Court of Northern California, alleges that the streaming company “made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects,” related to that decline.
The company failed to reveal that it “was exhibiting slower acquisition growth due to, among other things, account sharing by customers and increased competition from other streaming,” the suit claims, […]
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