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ARTICLE · 15 APRIL 2013

The SEC, Regulation FD And Social Media

Dentons Canada LLP
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At mid-morning on July 3, 2012, the CEO of Netflix, Inc. posted on his personal Facebook page a statement that Netflix had broken a record by streaming one billion hours of content during the prior month, without Netflix simultaneously issuing a press release or Form 8-K containing the same information.

CanadaCorporate/Commercial Law
Rani Doyle
Rani Doyle
Walter Van Dorn
Walter Van Dorn
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"SEC Says Social Media OK for Company Announcements if Investors Are Alerted" and Issues Guidance in a Report on its Investigation of Netflix and its CEO's Facebook Posting of Company Information

At mid-morning on July 3, 2012, the CEO of Netflix, Inc. posted on his personal Facebook page a statement that Netflix had broken a record by streaming one billion hours of content during the prior month, without Netflix simultaneously issuing a press release or Form 8-K containing the same information. The information spread quickly, however, and the price of Netflix's common stock began to rise from around $70 per share within a couple hours of the posting and traded at around $81 per share by mid-morning on July 5 (the US markets were closed for the holiday on July 4).

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