Shareholders’ Suit Claims Netflix Execs Knew Storm Was Brewing
Netflix shareholders have filed a class action lawsuit against the company, alleging that it withheld material information from investors about its growth prospects and plans for its fees before its stock plunged late last year. The suit was filed against the company’s senior management in the U.S. District Court in Northern California. CEO Reed Hastings, Chief Content Officer Ted Sarandos, Chief Product Officer Neil Hunt and Chief Marketing Officer Kilgore were named in the complaint. Many company executives allegedly sold off their shares before the plunge, netting some $90.2 million.
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Shareholders’ Suit Claims Netflix Execs Knew Storm Was Brewing
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