Class-action Lawsuit Against Netflix Continues

 

 

BERKELEY, Calif., Feb. 6, 2012 /PRNewswire/ – Hagens Berman reminds investors that 36 days remain before the lead plaintiff deadline in a securities class-action lawsuit filed against Netflix (NASDAQ: NFLX).

The deadline to move the court for lead plaintiff is March 13, 2012.

The lawsuit, filed in the United States District Court for the Northern District of California on Jan. 13, 2012, claims that Netflix violated federal securities laws by failing to announce that contracts with content providers would either expire or be very expensive to renew. The suit also alleges that Netflix executives sold more than $90 million in company stock during the class period.

Investors who purchased or otherwise acquired shares of Netflix common stock between Dec. 20, 2010, and Oct. 24, 2011 (the “class period”), and have lost more than $500,000 are encouraged to contact Hagens Berman Partner Reed R. Kathrein at (510) 725-3000. Mr. Kathrein is leading Hagens Berman‘s investigation. Investors can also email Mr. Kathrein at NFLX@hbsslaw.com or can contact the firm online by visiting www.hbsslaw.com/NFLX.

On July 12, 2011, Netflix announced that it was raising prices for some subscribers, and on July 13, 2011, the company announced a new multi-year agreement with NBC Universal. Following this announcement, Netflix stock closed at $298.73 per share.

A few months later, on Sept. 1, 2011, Starz announced that the company’s contract with Netflix would expire, and Netflix would be forced to remove content from its service.

On Sept. 15, 2011, the company stated that it was updating its third quarter 2011 guidance, disclosing that it had lost a million subscribers following the price increases. On this news, Netflix stock price declined in value by almost 19 percent, closing at less than $170.00 per share.

Then on Oct. 24, 2011, the company reported a net loss of more than 800,000 subscribers. Netflix stock dropped again, closing at $80.86 on Oct. 27, 2011.

According to the class-action complaint, Netflix executives sold over $90 million worth of the company’s stock during the class period. The lawsuit alleges that CEO Reed Hastings sold 190,000 shares for $43.2 million. The deadline to move the court for lead plaintiff status is March 13, 2012.

SAN FRANCISCO, Feb. 6, 2012 /PRNewswire/ – Rdio (www.rdio.com), the digital music service started by the creators of Skype, today announced the availability of a completely redesigned Rdio for Android app, now available as a free download from Android Market or as an update for existing users.

The new app offers intuitive navigation with one-click access to features previously available on Rdio for Android, along with several new enhancements and key features including collection, playlists, new releases, top charts, recommendations, and support for Android Ice Cream Sandwich’s new remote control client. Now Android users not only have easy access to Rdio’s catalog of more than 12 million songs, they can also take advantage of Rdio’s rich social features and extensive music discovery options.

“With the Rdio for Android redesign, we were focused on bringing Android users the best mobile music discovery application possible,” said Malthe Sigurdsson, VP of Product, Rdio. “We believe this launch further reinforces our commitment to creating the most visual, social and interactive experience of music across every platform.”

New to this version, Rdio for Android now includes:

  • Streamlined Top-level Navigation – All-new home screen design gives one-click access to key features in the app
  • Convenient Control – Take advantage of Android Ice Cream Sandwich’s new remote control client to manage playback controls on the lock screen, including viewing controls and album art
  • New Releases – Be the first to listen to new albums and singles on the day they are released, and access new albums released up to two weeks prior
  • Top Charts – Check out recent chart-topping albums
  • Recommendations – Discover more music by exploring fresh album recommendations based on your listening history
  • Enhanced Search – In addition to searching for artists, albums, and songs, you can now search for Playlists and People
  • Synced collection and playlist views – View only the music you have synced for offline listening, without the need to go into offline mode
  • User Profiles – Search, browse, and follow other Rdio users; discover new music by seeing their activity, who they follow, their playlists and more
  • And features of the previous version including Activity, Collection, Heavy Rotation, Playlists, Listening History, Syncing for offline access, and a variety of settings to control syncing and streaming on Wi-Fi or 3G

Pricing and Availability

New Rdio for Android is available as a free download from the Android Market in the US, Canada, Brazil, Germany, Australia and New Zealand. An Rdio Unlimited subscription is required to access Rdio on mobile devices; new users can sign up directly through the app for a free 7-day trial. Users can also sign up at www.rdio.com.

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