Newman Ferrara LLP (www.nfllp.com)
announced today that a securities class action was filed on behalf of
investors in Netflix, Inc. ("Netflix" or the "Company") (NASDAQ: NFLX)
in the U.S. District Court for the Northern District of California.
Investors who purchased shares of the Company's common stock between
Dec. 20, 2010, and Oct. 24, 2011 (the "Class Period"), and lost more
than $100,000, are encouraged to contact Newman Ferrara partner Jeffrey
M. Norton at (212) 619-5400 or firstname.lastname@example.org
to discuss this action, the lead plaintiff process, or any
questions concerning this notice. If you wish to serve as lead
plaintiff, you must apply to be appointed by March 13, 2012. The
lead plaintiff will direct the litigation and participate in important
decisions including whether to accept a settlement and how much of a
settlement to accept for the Class in the action. Lead plaintiffs are
selected from among applicants claiming the largest loss from investment
in the Company during the Class Period.
According to the Complaint, Netflix failed to disclose, among other
things, that: (1) it had expiring contracts with venders and faced
either ending the contracts or higher prices in 2011; (2) content
providers had asked for higher licensing fees which would raise prices
dramatically; (3) its pricing would have to increase too accommodate the
new licensing fees of its venders, and (4) it would be short of its 2011
earnings projections. As a result, Netflix's shares tumbled from $213.11
to $77.37 during the class period.
Whistleblowers: Persons with knowledge that may aid in the
investigation of this matter are encouraged to contact the firm. Under
Dodd-Frank Wall Street Reform Bill, whistleblowers are protected from
employer retaliation and may be entitled to as much as 30 percent of the
recovery if the information provided leads to a successful action.
Newman Ferrara maintains a multifaceted practice based in New York City
with attorneys specializing in complex commercial and multi-party
litigation with an emphasis on securities, ERISA, consumer fraud,
products liability, civil rights and real estate. For more information,
please visit the firm website at www.nfllp.com.
Newman Ferrara LLP
Jeffrey M. Norton
Broadway, 27th Fl.
New York, NY 10001