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  • singhlion2001 singhlion2001 Dec 26, 2012 8:52 PM Flag

    BIGGEST FRAUD TRADING MANIPULATED PIT STILL BEING PROTECTED BY ROBERT KHUZAMI/ROBERT COOK/ELISSE WALTERS/MARY SCHAPIRO SCAM GANG AT S.E.C.

    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

 
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