(Natural News) In today’s episode of “go woke, go broke,” the streaming giant Netflix is in hot water.
(Article republished from En-Volve.com)
The streaming giant Netflix that flushed all their success down the toilet by selling out to the woke and Obama are getting crushed with shareholder lawsuits.
Subscribers are bolting from Netflix’s and now the left-wing streaming company is facing lawsuits from the shareholders accusing the company of misleading them.
The lawsuit was filed in early May in northern California federal court and it covers Netflix shareholders who bought stock between October 19, 2021, and April 19, 2022. During that period Netflix’s stock plummeted by 67%.
“As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages,” the court filing states.
From Breitbart News:
The suit, which is being brought by a trustee of an entity called the Imperium Irrevocable Trust, cited public statements made by Netflix during its most recent third and fourth quarter earnings reports in which the company painted an optimistic picture of subscriber growth.
But the truth was revealed last month when Netflix dropped a bombshell on its investors, reporting the company had lost 200,000 subscribers in the first quarter of 2022 and, worse yet, is expecting to lose a whopping 2 million more customers in the months ahead.
The lawsuit goes on to state that Netflix gave “false and/or misleading statements, and/or failures” and “artificially inflated prices during the Class Period.”
“Plaintiff and other members of the Class purchased or otherwise acquired Netflix’s securities relying upon the integrity of the market price of the Company’s securities and market information relating to Netflix, and have been damaged thereby,” the complaint reads.
The lawsuit was filed by Imperium Irrevocable Trust and looking to grow into a class-action lawsuit.
Netflix’s future is so bad that billionaire investor Bill Ackman lost at least $400 million after he sold 3.1 million shares because he lost confidence in the company.
Read more at: En-Volve.com