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Netflix Faces Class-Action Suit

Another bump in the road for Netflix Inc. (Nasdaq: NFLX) kicks off our cable news roundup.

  • Netflix is facing a class-action lawsuit in California over claims that the company gave false and misleading statements about its business practices and studio contracts, which combined to inflate the company's stock price. Netflix's stock went into a free fall last year amid a number of stumbles, including a price hike and a temporary decision to split out its DVD and streaming video services. Netflix shares were up $1.05 (1.11 percent) to $95.43 each in early trading Tuesday. Its 52-week high is $304.79. (See How Far Will Netflix Fall? and 2011 Top Ten: Video Battles & Blunders.)



  • Society of Cable Telecommunications Engineers (SCTE) President and CEO Mark Dzuban has inked a five-year contract extension to remain at the helm of cable's standards-setting body. He took the reins of SCTE in January 2009. (See Dzuban's the Man.)

  • BlackArrow Inc. confirmed the appointment of former Arris Group Inc. (Nasdaq: ARRS) exec Dr. Joe Matarese to chief technology officer, while also naming Tricia Iboshi (late of Kit Digital and thePlatform Inc. ) to SVP of client services and operations; and ad and media vet Dean McCormick to VP, advertising solutions. The moves come as BlackArrow looks to expand targeted advertising beyond the set-top. (See Arris Exec to Become BlackArrow's CTO .)

  • SeaChange International Inc. (Nasdaq: SEAC) CFO Kevin Bisson has left the company after accepting a position at another publicly traded company not yet disclosed. His departure comes about six weeks after SeaChange Chairman and CEO Bill Styslinger stepped down. SeaChange is expected to announce a new CFO this week. (See SeaChange Off the Block, CEO Exits .)

  • LG Electronics Inc. (London: LGLD; Korea: 6657.KS) may be the first CE company to get its hands on the next iteration of the Google TV software, giving the company what it needs to develop a TV that integrates the service, which includes some over-the-top fare. (See Google TV's Refresh .)

    — Jeff Baumgartner, Site Editor, Light Reading Cable

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