What just happened? A group of Netflix shareholders have filed a lawsuit against the streaming giant, accusing the company of misleading investors because it is due to a slowdown in subscriber growth. The lawsuit, filed by a Texas investment fund in San Francisco federal court on Tuesday, seeks damages after Netflix’s share price plummeted.

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“As a result of Defendants’ misconduct and inaction, as well as a sharp decline in the market value of the Company’s securities, Claimant and other members of the group suffered significant losses and damages,” the complaint says.

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Image credit DKL 650

Suit goals on the recovery of losses from investors who traded shares between October 19, 2021 and April 19, 2022.

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Netflix announced in April loss of 200,000 subscribers in the first quarter, the first quarterly loss in a decade. The company attributed the losses to a combination of inflation, competition from competing streaming services, and exit from the Russian market.

Netflix has warned that it could lose another two million subscribers in the second quarter.

Since the beginning of the year, Netflix shares have lost more than 68% of their value. The shares are currently trading at $189.82, up from $597.37 at the start of 2022.

Netflix, in its latest earnings report, said it was open to the possibility adding ad leveland a little more than a week later the company canned food most of the staff maintain their fan site. On the other hand, the first part of the fourth season of the popular series very strange things will fall at the end of this month. The second volume will be released in five weeks, on July 1st.