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Thursday, November 14, 2024

Judge picks firm to lead class action against Netflix

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Netflix | Unsplash

SAN JOSE, Calif. (Legal Newsline) - The Los Angeles firm Glancy Prongay & Murray will lead a class action lawsuit on behalf of Netflix investors upset with the way the company is performing.

California federal judge Jon Tigar on Oct. 11 approved the firm's motion to be appointed lead counsel, while its client, the trustee of Imperium Irrevocable Trust, will be lead plaintiff. They were the first combo to file suit.

Cleveland Bakers and Teamsters Pension Fund also sued in late May, through the firm Grant & Eisenhofer. Nothing on the docket suggests they ever moved to be made lead plaintiff and counsel, and their case will be consolidated with GPM's.

The Imperium Irrevocable Trust said it lost more than $34 million in its Neflix investment. Its lawsuit asks for certification of class of those who bought common stock or call options between Oct. 19, 2021, and April 19, 2022.

Litigation followed Netflix's announcement in April that it lost 200,000 subscriptions during the firstquarter of 2022. Upon that news, its stock price fell $122.42 per share to close at $226.19 on April 20.

Today it trades in the low $200s per share but at one point in 2021 was at $690.

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