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Shareholders accuse Netflix of fraud


				05.05.2022
						Netflix shareholders claimed that the company had not notified investors about the slowdown in the number of subscribers, which caused to their significant losses. The company reported earlier on the loss of 200 thousand subscribers for the first quarter, which led to a drop in the value of shares.

Shareholders have filed a class action lawsuit against the company's Netflix streaming service. They accuse the company of publishing a misleading report on the slowdown in the number of subscribers for the purpose of securities fraud.

The loss of subscribers in Netflix was reported about two weeks ago, on 20 of April. According to the company, in the first quarter of this year, the service lost 200 thousand subscribers, despite the fact that Netflix previously expected an increase in their number by 2.5 million people.

On the New York Stock Exchange, Netflix shares fell by 25.73%, reaching $258.9 per share; the company lost about 40% of market value. The fall then continued, by 3 of May, the share price of the streaming service was set at $ 200.29.

Link to source: https://deadline.com/wp-content/uploads/2022/05/Pirani-V-Netflix-Shareholder-Lawsuit.pdf

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