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.
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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.
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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".
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