when announcing the poison pill s adoption the company stated 
schnatter filed suit over some of the poison pill s provisions settling it the following year along with other litigation against the company 19 he reduced his stake to less than 4 by 2020 20in 2012 netflix nflx announced a poison pill days after billionaire investor carl icahn and affiliates disclosed a stake of nearly 10 the poison pill promised to dilute the stake of anyone acquiring more than 10 of the video streaming service provider by allowing other shareholders to purchase two shares for the price of one 721in disclosing their stake icahn affiliates suggested netflix may hold significant strategic value for a variety of significantly larger companies adding they were considering ways for netflix to maximize shareholder value 22the icahn funds criticized the company s adoption of a poison pill in an updated securities filing any poison pill without a shareholder vote is an example of poor corporate governance and the pill netflix just adopted is particularly troubling due to its remarkably low and discriminatory 10 threshold they said 23icahn s stake was later reduced and eventually it was sold for a hefty gain 24