Printed from http://www.electronista.com

Netflix CEO faces SEC action over Facebook post

updated 09:05 pm EST, Thu December 6, 2012

July Facebook post could net Netflix a civil claim

Netflix and its CEO Reed Hastings have been informed by the Securities and Exchange Commission that they could face a civil claim over a post a statement Hastings posted to Facebook over the summer. This past July, Hastings' Facebook page announced Netflix had surpassed a billion hours of user streaming for the month of June, the first time the service has done so in its history. That post, though, may have violated regulations regarding fair disclosure, the SEC has reportedly told Netflix.

Bloomberg reports that Hastings' post was seen by 200,000 followers. The regulatory agency alleges that the post could constitute selective disclosure of material information, which might justify a civil claim.

In a statement, Netflix pointed to the fact that the company had previously intimated that it was closing in on a billion hours of viewing in June. Furthermore, according to Netflix, the billion-hour total is not "material" to investors. The company remains "optimistic that this can be cleared up quickly through the SEC's review process."



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Cat B100

Cat is primarily known for its heavy-duty machinery used in the construction industry and farming, among other areas. What may not be ...

Linksys EA6900 AC Router

As 802.11ac networking begins to makes its way into more and more devices, you may find yourself considering an upgrade for your home ...

D-Link DIR-510L 802.11AC travel router

Having Internet access in hotels and other similar locations used to be a miasma of connectivity issues. If Wi-Fi was available, it wa ...

Sponsor

toggle

Most Commented

 
toggle

Popular News