Netflix shareholders filed a lawsuit against the streaming service on Wednesday, accusing the company’s management of fraud by issuing misleading guidance about subscriber growth, leading to a plunge in its stock price.
Filed in San Francisco, the lawsuit argues that the streaming service has failed to disclose that it is “losing subscribers on a net basis.” Unaware of Netflix’s inability to retain customers, the plaintiffs claim to “have suffered significant losses and damages.”
The allegedly defrauded investors believe that the largest streaming service in the world is experiencing a downfall primarily due to account sharing by its customers and increased competition from other streaming services.
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