NEW YORK, NY / ACCESSWIRE / July 26, 2019 / Pomerantz LLP is investigating claims on behalf of investors of Netflix, Inc. (“Netflix” or the “Company”) (NFLX). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Netflix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 17, 2019, post-market, Netflix released a letter to shareholders which revealed that Netflix missed its expected target for number of new subscribers and lost 126,000 subscribers in the United States during the second quarter of 2019. Also on July 17, 2019, Netflix held an earnings call to discuss its financial and operating results for the quarter. During the earnings call, the Company’s Chief Financial Officer attributed the missed subscription target to the “timing of [Netflix’s] content slate” and price increases.
On this news, Netflix’s stock price fell $47.34 per share, or over 13%, over the following two trading sessions, closing at $315.10 per share on July 19, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
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