Categories: News

Netflix has 200,000 subscribers unsubscribed, shareholders furious and sued

Shareholders of the streaming giant Netflix filed a lawsuit against it on Tuesday, according to media reports, as the company downplayed events such as account sharing, increased competition and user churn, drawing anger among shareholders.

In mid-April, Netflix informed shareholders that its revenue growth “decelerated substantially” in the first quarter of 2022, as 200,000 users worldwide cancelled their subscriptions to the service.

Netflix also predicted at the time that it could lose as many as 2 million subscribers in the second quarter.

Related Post: The number of Netflix movies has plummeted by 40% in 7 years, and the streaming giant is facing a crisis! 

In a new lawsuit, shareholders are seeking stock damages that fell sharply for failing to meet their subscriber growth goals.

Shareholders claim they were knowingly misled by Netflix, writing in the complaint: “As a result of defendant’s (Netflix’s) misconduct and omission, and the dramatic decline in the market value of the company’s securities, plaintiffs and other class members have suffered significant Loss and Damage”.

Related Post: Elon Reeve Musk slams Netflix: Its show’s values have problems, and it deserves to lose subscribers.

Recent Posts

Guillermo del Toro’s ‘Pinocchio’ Wins Annie Awards Best Feature, Disney Animation Wins No Awards

The "Animation Oscars" Annie Awards were presented recently. The stop-motion animation 'Pinocchio' directed by Guillermo…

2 years ago

‘Saint Seiya: Knights Of The Zodiac’ Live Action Movie Poster Unveiled!

Today, 'Saint Seiya: Knights Of The Zodiac' live-action movie poster visuals were released! The film…

2 years ago

‘Ant-Man 3’ Northern America drops nearly 70% in second weekend, ‘Cocaine Bear’ opens at No. 2

'Ant-Man and the Wasp: Quantumania' achieved a second consecutive win at the box office with…

2 years ago

Russo Brothers Produced ‘Citadel‎’ Reveals Stills, Starring Richard Madden, Priyanka Chopra, etc.

The first stills from 'Avengers: Endgame' director Russo Brothers and Amazon's action drama 'Citadel', which…

2 years ago

Kristen Stewart: From Razzie Awards winner to Berlin jury chair, she has changed a long time ago

The 73rd Berlin International Film Festival came to an end last weekend. For film fans,…

2 years ago

‘Dungeons & Dragons: Honor Among Thieves‎’ released the ‘Meet The Creatures’ Featurette, the main creator appeared to introduce the characteristics of various monsters

The film 'Dungeons & Dragons: Honor Among Thieves' reveals "Meet The Creatures" production Featurette, Chris…

2 years ago

This website uses cookies.