Summary
Netflix, Inc. filed its 2011 Form 10-K on February 10, 2012, which included an update to previously reported financial results. This update was necessitated by a legal settlement reached after the initial reporting of the 2011 year-end results. The settlement resolved a claim related to the Company's compliance with the Video Privacy Protection Act (VPPA).
Key Highlights
- 1Netflix disclosed an update to its 2011 financial results in its Form 10-K filing.
- 2The update was triggered by a legal settlement concerning a Video Privacy Protection Act (VPPA) claim.
- 3The Company agreed to pay $9.0 million as part of the settlement.
- 4This $9.0 million expense was recognized in the Consolidated Statement of Operations for the year ended December 31, 2011.
- 5The payment is expected to be made in 2012.
- 6The settlement is contingent upon court approval.
- 7The Form 10-K filing itself, containing this information, was made on February 10, 2012.
Frequently Asked Questions
The update was due to a legal settlement reached with respect to a claim filed in January 2011 concerning Netflix's compliance with the Video Privacy Protection Act (VPPA).
Netflix agreed to pay $9.0 million as part of the settlement.
The $9.0 million expense was recognized in the 2011 fiscal year, and the payment is anticipated to be made in 2012.
No, the settlement is subject to court approval before it is finalized.