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SAN JOSE, Calif. (Legal Newsline) - The Los Angeles firm Glancy Prongay & Murray will lead a class action lawsuit on behalf of Netflix investors upset with the way the company is performing.
Netflix has laid off a further 300 employees, weeks after it originally let go of 150 staffers and contractors. The company continues to cut costs amidst a huge drop in it's subscriber base.
The company is also considering introducing advertisements to programming viewed through its cheaper subscription package, as it downsizes its workforce.
CEO Ted Sarandos says the Netflix's declining stock is 'horrifying' but reiterated he remains optimistic about the streaming platform's future, despite producers chopping multiple new projects.
Mystery Box is similar to Netflix's 'Play Something' feature, which was launched last year and is essentially a 'shuffle' button.