Nightmare at Wokeflix: Netflix is about to face a reckoning in federal court
05/08/2022 // News Editors // Views

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



Take Action:
Support Natural News by linking to this article from your website.
Permalink to this article:
Copy
Embed article link:
Copy
Reprinting this article:
Non-commercial use is permitted with credit to NaturalNews.com (including a clickable link).
Please contact us for more information.
Free Email Alerts
Get independent news alerts on natural cures, food lab tests, cannabis medicine, science, robotics, drones, privacy and more.
App Store
Android App
eTrust Pro Certified

This site is part of the Natural News Network © 2022 All Rights Reserved. Privacy | Terms All content posted on this site is commentary or opinion and is protected under Free Speech. Truth Publishing International, LTD. is not responsible for content written by contributing authors. The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. Truth Publishing assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms and those published here. All trademarks, registered trademarks and servicemarks mentioned on this site are the property of their respective owners.

This site uses cookies
Natural News uses cookies to improve your experience on our site. By using this site, you agree to our privacy policy.
Learn More
Close
Get 100% real, uncensored news delivered straight to your inbox
You can unsubscribe at any time. Your email privacy is completely protected.