Did Netflix Violate SEC Regulations on Facebook?

Netflix CEO Reed Hastings was very excited when his company reached a milestone, achieving one billion hours of content on their streaming service. Hastings was so excited, that he posted the information on his personal Facebook page. However, the SEC requires that disclosures about company information must be distributed “through a press release on a widely disseminated news or wire service, or by ‘any other non-exclusionary method’ that provides broad public access.”

With Facebook having over one billion active monthly users and considering the top newspaper only circulates approximately 62,000,000 copies monthly, has Facebook become the more appropriate venue for companies to release information?

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