The lawsuit also claims that the company did not report that it was “experiencing difficulties with retaining users” and “losing subscribers,” the Axios portal informs.
Netflix shareholders filed a class action lawsuit against the company in San Francisco (California, USA), accusing it of misleading about the state of affairs in the company. This was reported by the Axios portal.
According to him, in the lawsuit, investors said that Netflix hid from them that “demonstrate slower growth in the number of subscribers, in particular due to account sharing by customers and increased competition from other streaming services.” The lawsuit also claims that Netflix did not report that it was “having difficulty retaining users” and “losing subscribers,” the portal reports.
The shareholders insist that they “suffered significant losses” due to the concealment of this information by the company.
Netflix declined to comment to Axios on these reports.
