Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that a federal class action lawsuit has been filed against Netflix, Inc. (“Netflix” or “Company”) (NasdaqGS: NFLX). The firms are investigating additional legal claims against the officers and Board of Directors of Netflix during the period of July 3, 2012 to July 24, 2012 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com. There is no cost or fee to you.
In a recently filed federal class action complaint, Netflix and certain of its officers were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that among other things, defendants misrepresented and/or failed to disclose that: (a) reaching the Company’s projected target to achieve the 7 million new additions in domestic subscribers would be difficult and; (b) subscriber growth was significantly lower than analysts expected. According to the complaint, when these facts were finally disclosed, Netflix’s shares dropped substantially.
“Recent revelations about alleged improper business practices and procedures regarding key aspects of Netflix’s business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Netflix’s officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Netflix stock for all shareholders,” said shareholder rights attorney Patrick Powers.The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.