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Netflix hit with class action suit
Netflix Hit With Class Action By Investors Over 2011 Stock Nosedive
As it struggles with a weakened stock and battered public perception, Netflix now finds itself the subject of a class-action lawsuit in California. A group of investors filed the suit in U.S. District Court "against Netflix and certain of its officers and/or directors", contending that "company insiders" at Netflix were "conceal[ing] negative trends" that preceded the stock's ultimate plummeting and selling NFLX stock while the stock was at that "artificially inflated" peak.
For background, on July 12, the day Netflix announced that it would split its DVD and streaming services, Netflix stock closed at a price of 291.27; on October 25, 2011, the final day of the class action lawsuit, the stock closed at 77.37. On Tuesday, Netflix was trading around the 97.00 mark.
Among the defendants named in the lawsuit are embattled Netflix CEO Reed Hastings; Chief Content Officer Ted Sarandos; and Chief Marketing Officer Leslie Kilgore
Tags: hastings, lawsuit, netflix, reed
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Dig-Me-Up replied to spiderpig's discussion 'Pics or GTFO V4.0'"Reports vary. Either a heart attack or a stroke. Dying in Italy,.. poetic justice or a good day to die. You be the judge. Perhaps he died eating a big tasty pile of spaghetti ??? One can imagine.
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