SEC To Hit Netflix With Suit Over Facebook Posts?

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This could be Reed Hastings' most costly Facebook post ever. ;)

The Securities and Exchange Commission warned Netflix that it may take some civil action against the company and CEO Reed Hastings for disclosing a big streaming milestone -- 1 billion streamed hours in a month -- on Hastings' Facebook page instead of relating the news more formally.
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They are gonna waste money and resources over something that even the dumbest joe schmo knows isnt in violation of anything.
 
CEO's of publicly traded companies shouldn't be allowed on social media... period.
 
That'd hurt a lot if the SEC hits them with a suit. It'd be really bad if they don't take off the accessories like that thing people use to hold down their tie, the belt, and the random gold plated pens people keep in their pockets.
 
They are going after him because he posted it on Facebook? Something that will be public knowledge anyhow?

What stupid shit is this? :confused:
 
Hopefully the CEO of Netflix ends up serving 3 life sentences for this heinous act. The fact that in a "free" country scum like this are allowed outside amongst the innocent is totally fucked up and an insult to everyone. Everyone should march on Washington and demand that he is brought to justice, until then armed guards will have to be placed on every street corner and all children kept indoors.
 
SkribbelKat said:
That'd hurt a lot if the SEC hits them with a suit. It'd be really bad if they don't take off the accessories like that thing people use to hold down their tie, the belt, and the random gold plated pens people keep in their pockets.
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Haha I see what you did there
 
I guess the assumption would be that this falls into the same problem as 'insider trading' does. IE., posting it on Facebook (which many investors may well not be on), instead of a formal announcement through the regular channels, means that 'insiders' (his Facebook followers) get the scoop on some news they could use to their advantage in the market before the general public does.

Which is obviously illegal, and something the government really should be preventing.

The question just becomes...how 'public' is a Facebook post? Is posting a major business update on Facebook effectively giving inappropriate 'insider insight' to a select group at the expense of others?
 
dderidex said:
I guess the assumption would be that this falls into the same problem as 'insider trading' does. IE., posting it on Facebook (which many investors may well not be on), instead of a formal announcement through the regular channels, means that 'insiders' (his Facebook followers) get the scoop on some news they could use to their advantage in the market before the general public does.

Which is obviously illegal, and something the government really should be preventing.

The question just becomes...how 'public' is a Facebook post? Is posting a major business update on Facebook effectively giving inappropriate 'insider insight' to a select group at the expense of others?
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Billions of streams per month from a company that takes up 35% of the internet. OMG buy, buy, buy!!!! I dont think this is information that affects that aspect at all and that the SEC is wasting tons of money on this. Something like we struck a deal with all studios for ten years would be. If the SEC sues and wins they would then have to more or less become the national censor for all US corporations and have companies feed everything to them to be posed.
 
Really? THIS is what the SEC goes after? How about putting some of the men responsible for the 2008 crash in prison? But no, we just gave them stacks and stacks of taxpayer money and asked them what rules they'd like us to re-write.
 
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