Netflix Sued for Allegedly Misleading Investors on Growth
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Netflix Inc., the film-streaming and mail-order DVD service, was sued by a shareholder who accused the company of intentionally misrepresenting subscriber growth.
On July 3 Netflix Chief Executive Officer Reed Hastings posted on the company’s public Facebook page that Netflix “monthly viewing exceeded 1 billion hours for the first time ever in June,” according to the complaint filed yesterday in federal court in San Jose, California.