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Why Netflix is being targeted by shareholders

Published

2 years ago

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Netflix is facing criticism from shareholders, with the company hit by a lawsuit for allegedly misleading the market

The shareholders at the centre of the claim say the streaming giant has lied about its ability to keep adding subscribers over recent months.

Filed in a San Francisco federal court… the case is seeking damages for declines in the Netflix share price this year.

The case accuses California-based Netflix and its top executives of failing to admit that increasing competition was leading to a plunge in subscribers.

It follows announcements the company had missed its subscriber growth estimates… with shares dropping 20% in January… before plunging more than 35% on April 20.

Netflix lost 200,000 subscribers in its first quarter… falling well short of its forecast of adding 2.5 million new users.

The company says this is all due to a combination of factors… including inflation, competition from other streaming services and its suspension of service in Russia.

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William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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Why the meme-stock frenzy is unlikely to repeat

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3 days ago

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May 14, 2024

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GME shares surge 74%, but experts stress a meme-stock frenzy resurgence is unlikely due to fundamental differences in the company’s financial situation.

Australia’s budget unveils a second consecutive surplus of A$9.3 billion, prioritising the critical minerals industry and green energy initiatives to reduce reliance on Chinese supply.

Also, GameStop shares have surged 74%, but experts caution against expecting a repeat of the 2021 meme-stock frenzy. #featured #trending

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Why are airlines after the Biden Administration?

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3 days ago

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May 14, 2024

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Major airlines are taking legal action against the Biden administration over a newly implemented rule requiring them to disclose fees upfront.

On this episode of Hot Shots – Major airlines are suing the Biden Administration, AI-piloted fighter jets, SpaceX faces funding challenges, and Apple receives crushing feedback.

Ticker’s Ahron Young & Veronica Dudo discuss. #featured #trending

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The mounting pressure on Government spends

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4 days ago

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May 13, 2024

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Questions abound regarding the factors fueling this inflation surge in Australia and whether it correlates with the escalating government expenditures.

Concerns extend to how Chalmers navigates the mounting pressure amid discrepancies in spending allocations.

Moreover, as Australians grapple with the reality of rising living costs, the feasibility of cutting spending becomes a pressing issue. Additionally, amidst economic uncertainties, individuals seek guidance on managing stock market risks effectively. #Featured #Trending

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