Netflix’s Nightmare Comes True – Slapped With Lawsuit Alleging Executives Misled Investors

Things keep getting worse for Netflix. For the first time in more than a decade, the company reported it lost 200,000 subscribers during the first quarter of the year in 2022.

Shares of Netflix dropped by 20%. Making matters worse, the company expects to lose 2 million subscribers in the second quarter, according to StreetAccount estimates.

Between October 19, 2021 and April 19, 2022, the stock value dropped 67 percent. The suspension of its service in Russia also resulted in a loss of 700,000 subscribers.

Adding to its troubles, Netflix is now facing a shareholder lawsuit. The company is accused of misleading investors about the problems.

The lawsuit was filed in a northern California federal court.

It appears that many Netflix users are canceling their monthly subscriptions after the company has gone “woke.”

Netflix has backed a number of far-left films, such as a show about the life of Colin Kaepernick. The failed NFL quarterback, who was cut and shamefully sued the league, became notorious for claiming the NFL bears a resemblance to slavery and proceeded to kneel during the National Anthem.

The lawsuit states, “As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages

“As a result of these materially false and/or misleading statements, and/or failures to disclose, Netflix’s securities traded at artificially inflated prices during the Class Period,” the complaint reads.

“Plaintiff and other members of the Class purchased or otherwise acquired Netflix’s securities relying upon the integrity of the market price of the Company’s securities and market information relating to Netflix, and have been damaged thereby.”

Elon Musk responded with 8 simple words: “The woke mind virus is making Netflix unwatchable.”

This came in response to news that Netflix shares dropped 20% after reporting it lost subscribers for the first time in more than 10 years. Take a look:

The woke mind virus is making Netflix unwatchable

— Elon Musk (@elonmusk) April 20, 2022

The company has supported Critical Race Theory advocate Ibram X. Kendi to adapt his book “Antiracist Baby” into an animated kids’ show. Netflix also came under fire for producing “Cuties,” a French film that depicts pre-pubescent girls in sexually provocative situations.

Netflix is also producing a series called “He’s Expecting”:

Title in English: “He’s expecting” pic.twitter.com/Bh1G3bH2gn

— Turbopints (@turbopints) April 20, 2022

Netflix lost 200K subscribers in Q1 and expect to lose another 2M in Q2

It's the first time they lost subscribers in over a decade pic.twitter.com/R6Km2JKxJU

— ScreenTime (@screentime) April 19, 2022

Musk tweeted a few more times. He even agreed it was the “greatest threat to civilization”:

Yes

— Elon Musk (@elonmusk) April 20, 2022

Extremely concerning. Who is pushing this censorship/deplatforming? Very shadowy.

— Elon Musk (@elonmusk) April 19, 2022