Nightmarish Results From Wokeflix Spells “Reckoning” In Federal Court

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May 7, 2022

GO WOKE GO BROKE – Netflix has been the center of public attention for numerous years. After adopting what critics claim to be an incredibly progressive stance in its approach to new media.

Additionally, as critics would say, it’s become more and more apparent that the streaming giant has its sights set on a certain political agenda. Featuring shows with left-leaning political and ideological messages that conservatives often find offensive.

Consider the release of “Dear White People,” for example, which was a show that many felt was an attack on white people. Or take a look at “Cuties,” which was met with intense backlash for its overtly sexualized portrayal of young children.

With all that said, there’s no doubt that Netflix has taken a very progressive stance in recent years, alienating much of its potential conservative audience in the process.

Now, it looks like those bad business decisions are finally catching up to the streaming service.

According to a new study, Netflix has lost a staggering 800,000 subscribers in the United States due to its political leaning.

The study, which was conducted by YouGov, found that 21 percent of respondents said they were “less likely” to subscribe to Netflix because of its political content. Additionally, 18 percent of those surveyed said they were “more likely” to cancel their subscription because of the same reason.

When asked about the reasons for their decisions, many respondents said they felt that Netflix was “shoving woke politics down our throats.” Some even went as far as to say that the company was “indoctrinating” its viewers with its left-wing messages.

A lot of shareholders have had enough of Netflix’s antics, and have decided to sue, claiming that the company misled and acted against shareholders’ interests.

The lawsuit was filed in early May in Northern California federal court, and it covers all Netflix shareholders that invested between October 19, 2021, and April 19, 2022. A period that saw the Netflix stock price plummet by 67%.

“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,” the court filing states.

The suit, filed by a trustee of an entity named the Imperium Irrevocable Trust, claims that public statements made by Netflix during its most recent third and fourth-quarter earnings reports painted an optimistic picture of subscriber growth. Claiming that the company was growing and business was booming.

The truth, however, was far from those projections.

Last month, Netflix dropped a bombshell on its investors, showing extremely negative financial statements. The company revealed that it had lost over 200,000 subscribers in the first quarter of 2022. But the bad news continued with the company claiming that it expects to lose another whopping 2 million more customers in the months ahead.

The lawsuit claims that Netflix gave “false and/or misleading statements, and/or failures” and “artificially inflated prices during the Class Period.”

“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,” the complaint reads.

Even though the lawsuit was filed by Imperium Irrevocable Trust, the plan is to make it a class-action lawsuit because many other investors have cited similar criticism.

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