Fri, Sep 19, 2014, 9:02 PM EDT - U.S. Markets closed

Recent

% | $
Quotes you view appear here for quick access.

Netflix, Inc. (NFLX) Message Board

  • optionstrader008 optionstrader008 Mar 31, 2012 3:39 PM Flag

    Is Singh the new Robin hood ??!!

    He`s warning retails against fraud.... but many of those retail investors don`t even realize it....

    Next year, many retails longs will scream about a fraud.... and the stock will be in abyss........

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • New here, could you link to that post?

    • He only had the $65 short. About time he covered.

    • Netflix Faces A Class Action Lawsuit on Behalf of Institutional Investor

      Robbins, Geller, Rudman & Dowd, LLP have filed a class action lawsuit against Netflix on behalf of an institutional investor.

      The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business practices and its contracts with content providers. As a result of defendants' false statements, Netflix's stock traded at artificially inflated prices during the Class Period, reaching a high of almost $300 per share on July 13, 2011. While Netflix stock was inflated (partially by Netflix buying back its own stock), Company insiders were selling 388,661 shares of their own Netflix stock for proceeds of $90.2 million.

      On September 15, 2011, Netflix updated its third quarter 2011 guidance and revealed that it had lost a million subscribers due to its recently announced price increases becoming effective. On this news, Netflix stock fell nearly $40 per share to close at just under $170 per share. On September 19, 2011, the Company announced that, in an effort to offset skyrocketing costs and rapidly defecting customers, the Company would begin charging separately for its two services and had raised prices as much as 60%. Netflix stock dropped to $130 per share on this news. Then, on October 24, 2011, Netflix issued its third quarter 2011 shareholder letter, which reported a net loss of 810,000 U.S. subscribers, translating into a cumulative loss of 5.5 million subscribers. The subsequently filed Form 10-Q revealed that Netflix's obligations for content over the coming years had skyrocketed to $3.5 billion, with $2.8 billion due within three years. These disclosures caused Netflix stock to collapse from $118.84 per share on October 24, 2011 to $80.86 per share on October 27, 2011, a 32% decline in three days and a 73% decline from the stock's Class Period high.

      Thanks to FearNo1, Marshall, and everyone else that sent this in.

      • 2 Replies to singhlion2001
      • C. The Individual Defendants
        21. Defendant Reed Hastings (“Hastings”) has served as Netflix’s Chief
        Executive Officer since September 1998 and as its Co-Founder and Chairman of
        the Board since the Company’s inception. Hastings signed and certified Netflix’s
        false and misleading Form 10-K for fiscal 2010, as well as its false and misleading
        Forms 10-Q for the quarterly periods ending September 30, 2010, March 31, 2011
        and June 30, 2011. Hastings also made false and misleading statements on Netflix
        Earnings Conference Calls (“Earnings Calls”) on October 20, 2010 and January 26,
        2011 and during a December 8, 2010 Barclays Capital Global Technology
        Conference (the “Barclays Conference”). Further, Hastings made false and
        misleading statements in a December 20, 2010 article appearing in an online blog,
        Seeking Alpha. Hastings fraudulently knew that these statements were materially
        false and misleading at the time they were made.
        22. Hastings sold more than 187,432 shares of Netflix stock during the
        Class Period, reaping gross proceeds in excess of $43 million.
        23. Defendant David Wells (“Wells”) has served as Netflix’s Chief
        Financial Officer since December 2010 and its Vice President of Financial
        Planning & Analysis from August 2008 to December 2010. He held the position
        of Director of Operations Planning & Analysis from March 2004 to August 2008.
        Wells signed and certified Netflix’s false and misleading Form 10-K for fiscal
        2010, as well as its false and misleading Forms 10-Q for the quarterly periods
        ending March 31, 2011 and June 30, 2011. In addition, Wells signed Netflix’s
        materially false and misleading Forms 8-K dated January 26, 2011, April 25, 2011,
        July 25, 2011, September 15, 2011 and October 24, 2011, and publicly-filed letters 9

        CONSOLIDATED CLASS ACTION COMPLAINT - 3:12-CV-00225-SC
        to the SEC dated May 20, 2011 and July 11, 2011. Wells fraudulently knew that
        these statements were materially false and misleading at the time they were made.
        24. Wells sold more than 6,100 shares of Netflix common stock during
        the Class Period, reaping gross proceeds in excess of $1.5 million.
        25. Defendant Barry McCarthy (“McCarthy”) served as the Chief
        Financial Officer of Netflix from April 1999 until December 10, 2010. McCarthy
        signed and certified Netflix’s false and misleading Form 10-Q for the quarterly
        period ending September 30, 2010. McCarthy also signed Netflix’s false and
        misleading Form 8-K dated October 20, 2010. McCarty also made false and
        misleading statements and material omissions on Netflix Earnings Calls on
        October 20, 2010 and during the Barclays Conference on December 8, 2010.
        McCarthy fraudulently knew that these statements were materially false and
        misleading at the time they were made.
        26. McCarthy sold more than 228,000 shares of Netflix common stock
        during the Class Period, reaping gross proceeds in excess of $41.7 million.
        27. Facts that are critical to Netflix’s “core operations” are presumably
        known by its key officers, including each of the Individual Defendants. In
        addition, the Individual Defendants, by virtue of their positions as Netflix’s senior
        executive officers, directly participated in the management of Netflix, and were
        directly involved in the day-to-day operations of Netflix at the highest levels, and
        were privy to confidential proprietary information concerning the Company and its
        business, operations, growth, financial statements, and financial condition, as
        alleged herein.
        28. Moreover, the Individual Defendants were involved in drafting,
        producing, reviewing and/or disseminating the false and misleading statements,
        information and omissions alleged herein, were aware, or recklessly disregarded,
        the fact that the false and misleading statements and omissions were being issued

        Sentiment: Strong Sell

      • Is there still someone thinking that this company isn`t a scam ??

 
NFLX
457.52-1.49(-0.32%)Sep 19 4:15 PMEDT

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.