Reuters: Technology News: Netflix says CEO comments triggered SEC action

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Netflix says CEO comments triggered SEC action Dec 6th 2012, 23:25 Tweet Share this Email Print Related News Netflix says it won't raise prices after Disney deal Wed, Dec 5 2012 Netflix to get Disney films in TV distribution deal Tue, Dec 4 2012 SAC Capital says it could be charged by SEC Wed, Nov 28 2012 Schapiro stepping down at SEC, Walter to step in Tue, Nov 27 2012 Facebook stock jumps 12.6 percent as share lockup expires Wed, Nov 14 2012 Analysis & Opinion The regulatory cliff awaits SEC learns true cost of China accounting goodwill A sign is shown at the headquarters of Netflix in Los Gatos, California September 20, 2011. Credit: Reuters/Robert Galbraith SAN FRANCISCO | Thu Dec 6, 2012 5:31pm EST SAN FRANCISCO (Reuters) - Netflix Inc said securities regulators plan to take action against the company because of a Facebook post by Chief Executive Reed Hastings that violated public disclosure rules, even as Hastings dismissed the contention in a public letter to shareholders on Thursday. "We remain optimistic this can be cleared up quickly through the SEC's review process," said Hastings, in the letter the company submitted alongside a regulatory filing announcing the receipt of a "Wells Notice" from SEC staff. The notice informed Netflix that the SEC intends to bring a civil action against the company because of comments Hastings made on Facebook in June announcing that members of the online video streaming service were watching nearly one billion hours of video a month. Hastings said on Thursday that he did not believe the Facebook posting was "material" information. (Reporting by Alexei Oreskovic; Editing by Dan Grebler) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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