This is how you deal with woke corporations:
After a certain point, you stop paying for their service because they're bombarding you with woke content. As the number of users declines, so do profits, and shareholders become irritated. When this is combined with poor stock performance, a federal lawsuit is inevitable.
Netflix, which went woke and paid Obama a lot of money, is now being sued in federal court by shareholders who claim the company misled investors.
Investors who bought stock between October 19, 2021 and April 19, 2022 are included in the case filed in federal court in northern California. Netflix's stock price plunged 67 percent during that time.
Bill Ackman, a billionaire, sold 3.1 million shares and declared a loss of more than $400 million, claiming that he had lost faith in the company.
According to the lawsuit, Netflix misled investors after reporting that it lost 200,000 subscribers in the first quarter of 2022 and expected to lose another 2 million in the next quarter.
“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. 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.
Imperium Irrevocable Trust filed the complaint in the hopes of it becoming a class action lawsuit as additional shareholders join.
Netflix reportedly inked a multiyear deal with the Obamas in 2018 to develop content worth little under a hundred million dollars. News organizations at the time described the transaction as a "unmatchable asset" for Netflix.
If Disney does not get their act together, it will be an unmatchable failure.