Newman Ferrara LLP ( www.nfllp.com) announced today that a securities class action was filed on behalf of investors in Netflix, Inc. (“Netflix” or the “Company”) (NASDAQ: NFLX) in the U.S. District Court for the Northern District of California.
Investors who purchased shares of the Company’s common stock between Dec. 20, 2010, and Oct. 24, 2011 (the “Class Period”), and lost more than $100,000, are encouraged to contact Newman Ferrara partner Jeffrey M. Norton at (212) 619-5400 or email@example.com to discuss this action, the lead plaintiff process, or any questions concerning this notice. If you wish to serve as lead plaintiff, you must apply to be appointed by March 13, 2012. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. Lead plaintiffs are selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
According to the Complaint, Netflix failed to disclose, among other things, that: (1) it had expiring contracts with venders and faced either ending the contracts or higher prices in 2011; (2) content providers had asked for higher licensing fees which would raise prices dramatically; (3) its pricing would have to increase too accommodate the new licensing fees of its venders, and (4) it would be short of its 2011 earnings projections. As a result, Netflix’s shares tumbled from $213.11 to $77.37 during the class period.
Whistleblowers: Persons with knowledge that may aid in the investigation of this matter are encouraged to contact the firm. Under Dodd-Frank Wall Street Reform Bill, whistleblowers are protected from employer retaliation and may be entitled to as much as 30 percent of the recovery if the information provided leads to a successful action.Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation with an emphasis on securities, ERISA, consumer fraud, products liability, civil rights and real estate. For more information, please visit the firm website at www.nfllp.com. CONTACT:Newman Ferrara LLPAttorneys:Jeffrey M. Norton1250 Broadway, 27 th Fl.New York, NY 10001 firstname.lastname@example.org. 212.619.5400 http://www.nfllp.com
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