KSF News, Updates, & Insights
KSF Appointed Co-Lead Counsel in Netflix Securities Litigation
On June 14, 2017, Hon. Haywood S. Gilliam, Jr., the United States District Judge for the Northern District of California, ordered KSF’s appointment as co-lead counsel for the class in Ziolkowski v. Netflix, Inc. et al., Case No. 4:17-cv-01070-HSG (N.D. Cal.), reasoning that KSF has “extensive experience as lead counsel in securities class actions.” Plaintiff alleges that, throughout the Class Period (July 22, 2014 through October 15, 2014, inclusive), Defendants made materially false statements and omissions to investors by hiding the adverse effects of the Company’s May 2014 subscriber price increase and publicly dismissed them as “minimal,” “nominal” and “background noise.” The matter further alleges that less than three months later, Defendants revealed the adverse effect on subscriber growth was – in fact – significant, slashing projected earnings for the fourth quarter 2014 by nearly half, and causing the stock value to fall by more than 19%.