SEC Joins the 21st Century

April 19, 2013

After considering cease-and-desist proceedings against Netflix for posting on its Facebook page that it is not streaming more than a billion hours of video a month, the Securities and Exchange Commission has done an about face and has decided to allow public companies to make material disclosures via Facebook and Twitter.

Welcome to the 21st century, SEC.

As we previously posted, you would think the SEC would have better things to do than go after Netflix for posting material information on its Facebook page.  The SEC initially claimed that Netflix may have violated its fair disclosure regulations, but the Netflix Facebook page has 200,000 followers and 3.6 million likes, so it’s not as though insiders are the only ones with access to the page.

Maybe the initial problem was that Netflix was posting information, rather than the meaningless drivel and embarrassing photos that typically end up on Facebook’s pages.

 

 

 

 

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