Glancy prongay & murray reminds investors of looming deadline in the class action lawsuit against netflix, inc.
Los angeles--(business wire)--glancy prongay & murray llp (“gpm”) reminds investors of the upcoming september 20, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of netflix, inc. (“netflix” or the “company”) (nasdaq: nflx) investors who purchased securities between april 17, 2019 and july 17, 2019, inclusive (the “class period”). if you are a shareholder who suffered a loss, click here to participate. if you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact lesley portnoy, esquire, at 310-201-9150, toll-free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. on july 17, 2019, after market hours, netflix disclosed that it only acquired 2.7 million new subscribers, significantly below its forecast of 5 million new subscribers, during second quarter 2019. on this news, shares of netflix fell $47.34 per share, or over 13%, over two consecutive trading sessions to close at $315.10 per share on july 19, 2019, thereby injuring investors. the complaint filed in this class action alleges that throughout the class period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. specifically, defendants failed to disclose to investors: (1) that netflix would not be able to gain its expected target number of new subscribers in the second quarter of 2019; (2) that netflix would also lose subscribers from the united states in the second quarter of 2019; and (3) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. follow us for updates on twitter: twitter.com/gpm_llp. if you purchased or otherwise acquired netflix securities during the class period you may move the court no later than september 20, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. to be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. if you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact lesley portnoy, esquire, of gpm, 1925 century park east, suite 2100, los angeles, california 90067 at 310-201-9150, toll-free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. if you inquire by email please include your mailing address, telephone number and number of shares purchased. this press release may be considered attorney advertising in some jurisdictions under the applicable law and ethical rules.
