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The Danger of Ranting on Yelp
In this case, the Wells notice relates to information Hastings disclosed on his Facebook page (where he has 200,000 followers). In July Hastings said Netflix users had streamed 1 billion hours in June for the first time ever. Netflix’s stock jumped 6% on the news. The SEC thinks it was material information that should have been more formally announced.
The US Securities and Exchange Commission is considering taking action against Netflix and its CEO Reed Hastings because of a Facebook post.The agency says that the update to Hastings' 200,000+ subscribers where he said"members had enjoyed over 1 billion hours in June" violated the SEC Regulation Fair Disclosure (Reg FD) rule
The SEC is completely wrong - The issue is not with Netflix. It is with the dinosaurs at the SEC. This is not a stock story. It is a real-time communications story.
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