Netflix Successfully Defends Itself Against Legal Battle, Exonerated in Shareholder Lawsuit on Account-Sharing Disclosures
LOS GATOS, Calif. (AP) — Netflix, the popular streaming service, has successfully defeated a lawsuit filed by shareholders seeking compensation for alleged misleading disclosures regarding account-sharing. The ruling was made on January 8th, 2024, by a U.S. District Judge in Los Gatos. The lawsuit claimed that Netflix had failed to inform shareholders about the potential financial impact of users sharing their accounts with others. This practice, commonly known as account-sharing, allows multiple people to access a single Netflix account. The plaintiffs argued that Netflix’s failure to disclose the prevalence and consequences of account-sharing caused the … Read more