As if Netflix didn?t have enough problems: The company announced today that it is being investigated by the SEC for a post that CEO Reed Hastings had made on his public Facebook page in June. In an SEC filing earlier today, Netflix reported that it received a notice from the regulator, which might seek a cease and desist or injunction against the subscription video company and its CEO. At issue was a post in which Hastings announced that Netflix subscribers had watched more than 1 billion hours of video in June. That post got picked up by a number of news outlets, and Netflix stock rose that day. But as a result, the company is facing regulatory scrutiny for violating Reg FD, which is designed to provide equal access to material information among all investors, whether they be at big institutions or own small amounts of Netflix stock individually. That regulation requires public companies to issue a press release or Form 8-K when making material public information available. Hastings took to Facebook (a
Netflix says CEO's Facebook post triggered SEC action
SAN FRANCISCO (Reuters) - Netflix Inc said the SEC sent it a "Wells Notice" warning it the agency may bring a civil action against the company and Chief Executive Reed Hastings because it said ...
6 hours ago from Reuters Technology
Netflix gets SEC notice over CEO's Facebook post
NEW YORK (AP) -- Netflix Inc. is facing scrutiny from government regulators for a Facebook post by its CEO in July that may have boosted the online video company's stock price....
7 hours ago from AP
Netflix says CEO comments triggered SEC action
SAN FRANCISCO (Reuters) - Netflix Inc said securities regulators plan to take action against the company because of a Facebook post by Chief Executive Reed Hastings that violated public disclosure ...
10 hours ago from Reuters Technology
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Source: http://www.sciencenewsdaily.org/internet-news/cluster267265890/
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