The home entertainment company was down 4.6% just prior to today’s closing bell — the first trading day since late Friday when Netflix revealed that its Q4 earnings weren’t as good as it said they were a few weeks ago. The company disclosed that it added a $9M expense to the quarter to settle a lawsuit alleging that it had violated customer privacy rights. With the additional outlay, Netflix says it generated earnings of 64 cents a share in the quarter — not the 73 cents it had reported. The number is still well ahead of the 53 cents that analysts expected. But it might not have resulted in the 22% stock price pop that Netflix saw the day after its filing. The settlement involved a complaint to a San Francisco court that Netflix had broken the law by keeping DVD rental and video streaming records of customers even after they cancelled the service, the AP says. The plaintiffs charged that Netflix had violated the federal Video Privacy Protection Act and California’s Customer Records Act and Unfair Competition Law. Despite the settlement, Netflix did not admit to any wrongdoing.
Netflix Shares Hit After It Agrees To $9M Lawsuit Settlement
What's Hot on Deadline
'Black Panther' Goes Wild: 2nd Best Sunday $60M+; 3-Day $201M+; 4-Day To Shred 'Jurassic World' & Possibly 'Last Jedi'
Winter Olympics: Adam Rippon Turns Down NBC Correspondent Position, Net Struggles With Broadcast Gaffes — Update
Olympic Curling Medalist From Russia Busted For Doping; Wardrobe Malfunction Leaves French Ice Dancer Exposed
Latest Film News
- ‘Black Panther’: Hollywood Cannot Stop Praising The Groundbreaking Marvel Blockbuster
- Oscars Street Closures: When & Where To Expect Detours, Delays
- SAG-AFTRA Closes “Wigging” Probe, Says It “Remains Committed” To Ending Practice Of Men Doubling…
- Activist Organization Hosts Voter Registration Events At ‘Black Panther’ Screenings
- Blue Fox Hires Myriad Pictures’ Audrey Delaney As Marketing & Distribution SVP – Berlin
- José Padilha Lifts The Lid On ‘7 Days In Entebbe’ – Berlin