Netflix CEO could have SEC action thanks to a Facebook post

Netflix CEO, Reed Hastings, could face the SEC over a statement he posted on Facebook.

@anthony256
Published Fri, Dec 7 2012 1:35 AM CST   |   Updated Tue, Nov 3 2020 12:25 PM CST

Social networks can be dangerous for powerful people, with Netflix CEO Reed Hastings possibly facing the Securities and Exchange Commission over a statement he posted to social networking site, Facebook.

Netflix CEO could have SEC action thanks to a Facebook post | TweakTown.com

Rewinding back to July, Hastings' Facebook page announced that Netflix passed a billion hours of streaming for the month of June - the first time that Netflix has ever done that, ever. This simple post from Hastings could have violated regulations in regards to fair disclosure, the SEC has reportedly told Netflix.

Bloomberg has reported that Hastings' post could've been seen by his 200,000 followers. The SEC has said that the post could constitute selective disclosure of material information, which could justify a civil claim. Netflix said in a statement that the fact that they had previously stated they were closing in on a billion hours of streaming in June. On top of this, they've said that the billion-hour total is not "material" to investors. Netflix remains "optimistic that this can be cleared up quickly through the SEC's review process".

NEWS SOURCE:electronista.com

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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