Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

Netflix beats shareholder lawsuit over account-sharing disclosures

Smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. REUTERS/Dado Ruvic/File Photo
Smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. REUT... Smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. REUTERS/Dado Ruvic/File Photo
Smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. REUTERS/Dado Ruvic/File Photo
Smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. REUT... Smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. REUTERS/Dado Ruvic/File Photo

Listen to the article now

In a federal court case in California, shareholders sued Netflix (NFLX.O.), alleging that the streaming entertainment business concealed how much account-sharing was impeding its expansion. The claim was successfully dismissed.

In May 2022, an investment trust in Texas filed a lawsuit after Netflix announced that its subscriber base was declining for the first time in ten years, causing its shares to plummet by one-third. The complaint requested damages on behalf of investors who purchased Netflix shares between January 2021 and April 2022.

According to U.S. District Judge Jon Tigar’s ruling on Friday, the case had no proof that the business knew the full scope of the issue for as long as the investors claimed.

The investor may resubmit the complaint, the judge said, provided it includes new evidence to support its allegations. A Netflix representative and the trust’s attorneys did not immediately respond to requests for information on Monday.

Between January 2022, when the firm warned of sluggish subscriber growth, and April, when shares fell after the company announced account-sharing and competition had slowed new subscribers, Netflix lost around half of its value. Reed Hastings, CEO of Netflix at the time, claimed that the COVID-19 epidemic had made it challenging for the firm to analyze subscriber patterns. At lunchtime on Monday, Netflix’s shares were up 1.1% at $479.09.


Comment Template

You May Also Like

Business

MSG Networks has returned to Optimum after a nearly two-month blackout, restoring Knicks and Rangers coverage for frustrated fans. The new deal places MSG...

Business

Alphabet has introduced **Premium Lite**, a lower-cost YouTube subscription offering ad-free videos (excluding music). This move aims to expand YouTube’s subscriber base and reduce...

Business

India has been named the best solo travel destination for 2025 by Kensington, thanks to its rich culture, history, and diverse experiences. From the...

Business

Warren Buffett's Berkshire Hathaway has aggressively sold stocks, amassing a record $334 billion in cash. Major divestments include Apple and Bank of America, while...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok