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Reed Hastings, Netflix receive SEC notice over Facebook post

5:26 PM, Dec 6, 2012   |    comments
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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.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Associated Press

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