Netflix shareholders have filed a complaint against the streaming platform, we learned on Tuesday.
They accuse the company of misleading them about the decline in the number of subscribers to the service, which caused the share value to plummet.
According to the complaint, Netflix allegedly made "false and/or misleading" statements and withheld certain information, the shareholders believe.
In particular, they criticize the platform for not having said that “the growth of subscriber acquisitions was slowing, due, among other things, to the sharing of accounts between several customers and increased competition from other streaming services”.
Russia's fault?
On April 19, Netflix announced that it had lost 200,000 subscribers worldwide in the first quarter compared to the end of 2021, a first in more than ten years.
As a result, the share price fell by more than 35%.
The streaming giant expects to lose even more subscribers in the spring.
In the meantime, he plans to tighten the screw on the sharing of identifiers and passwords.
Netflix had already announced in March that it was conducting tests in Chile, Costa Rica and Peru to charge its customers for adding additional accounts to their profile.
But in its forecast for the first quarter of 2022, the company expected to gain an additional 2.5 million subscribers, hence the shock of the April 19 announcement.
The loss of subscribers is partly due to the suspension of Netflix in Russia after the invasion of Ukraine, which caused the loss of 700,000 subscriptions.
“Without this impact, we would have had 500,000 additional subscriptions,” Netflix said in mid-April.
In all, the streaming platform has 221.64 million subscriptions.
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