In re Netflix, Inc. Securities Litigation

1 2 3 4 UNITED STATES DISTRICT COURT 5 NORTHERN DISTRICT OF CALIFORNIA 6 7 FIYYAZ PIRANI, Case No. 22-cv-02672-JST

8 Plaintiff,

ORDER GRANTING MOTION TO

9 v. DISMISS

10 NETFLIX, INC., et al., Re: ECF No. 31 Defendants. 11

12 13 Before the Court is Defendants Netflix, Inc. (“Netflix” or the “Company”), Reed Hastings, 14 Ted Sarandos, Spencer Neumann, and Gregory Peters’s motion to dismiss the consolidated 15 amended class action complaint (“CAC”). ECF No. 31. The Court will grant the motion. 16 I. BACKGROUND1 17 Lead Plaintiff Fiyyaz Pirani, as a trustee of Imperium Irrevocable Trust, brings this action 18 individually and on behalf of all other persons and entities that purchased or otherwise acquired 19 Netflix common stock between January 19, 2021 and April 19, 2022, inclusive (“Class Period”). 20 ECF No. 30 ¶¶ 1, 25 . Pirani alleges that Netflix and certain of its officers—Hastings (co-founder 21 and co-Chief Executive Officer), Sarandos (co-Chief Executive Officer), Neumann (Chief 22 Financial Officer), and Peters…