STEVENSON, Md., Feb. 26, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Netflix, Inc. ("Netflix" or the "Company") (Nasdaq:NFLX) common stock during the period between July 3, 2012 and July 24, 2012, inclusive (the "Class Period").
If you have suffered a net loss from investment in Netflix, Inc. common stock purchased on or after July 3, 2012, and held through July 24, 2012, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff by an April 22, 2013 deadline and be selected by the Court. 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. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period the significant risk, based on available data, that the Company might not achieve the projected 7 million net domestic streaming subscription additions. According to the Complaint, following Netflix's July 24, 2012 disclosure that net domestic streaming subscription additions were at about 530,000 for the second quarter of 2012 and that the Company might not meet its year-end target of 7 million net domestic streaming subscription additions, the value of Netflix shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation