Close

Wonderwall

Netflix gets SEC notice over CEO's Facebook post

The Associated Press, Thursday, December 6, 2012, 3:21pm (PST)

NEW YORK (AP) — Netflix says it is facing scrutiny from government regulators over a Facebook post made by CEO Reed Hastings in July.

The Securities and Exchange Commission sent notices to Netflix Inc. and Hastings regarding the July 3 public post on Hastings' account. The SEC gave Netflix and Hastings a chance to argue why the agency should not take action against them.

On July 3 Hastings wrote on Facebook that monthly viewing on Netflix had exceeded 1 billion hours in June. The SEC says that is material investor information that must be disclosed in a regulatory filing or press release. The company says the information isn't material because it had already disclosed that subscribers were viewing about a billion hours of content per month.

Hastings also responded on Facebook.

Show Comments
When using Facebook Connect your image and name may display on Wonderwall. All Privacy Settings are controlled by Facebook
Like us on Facebook?
UP NEXT
Baby Has A Name
aa
Thanks for subscribing!