LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that all purchasers of the securities of Netflix, Inc. (“Netflix” or the “Company”) (NASDAQ:NFLX) between December 20, 2010 and October 24, 2011, inclusive (the “Class Period”) have until March 13, 2012 to file a motion with the Court to be appointed as Lead Plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Northern District of California.
Netflix provides Internet subscription services for TV shows and movies in the United States and internationally. The Complaint alleges that defendants misrepresented or failed to disclose material adverse facts about the Company’s business, operations and prospects, including that: (i) the Company had short-term contracts with content providers and Netflix was aware that the Company faced a choice to renegotiate the contracts in 2011 at much higher rates or not renew them at all; (ii) content providers were already demanding much higher license fees, which would dramatically affect Netflix’s business; (iii) the Company recognized that its pricing would have to significantly increase to maintain profit margins given the streaming content costs that it would soon incur; and (4), the Company was not on track to achieve the 2011 earnings forecasts.
Any person or group who suffered a loss as a result of purchasing Netflix securities between December 20, 2010 and October 24, 2011, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than March 13, 2012. To be a member of the class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
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