SEC May Take Action Against Netflix Over CEO’s Facebook Post

Netflix and its CEO Reed Hastings are in hot water with the Securities and Exchange Commission over a post Hastings made on Facebook.

Back in July, Hastings posted a small blurb to his Facebook page, noting that Netflix had exceeded 1 billion hours for the first time. Hastings has nearly 250,000 Facebook subscribers and his 1 billion hour statement was re-reported by dozens of news outlets (including Mashable).

While that might seem innocuous on the surface, the SEC says it constitutes a violation of Regulation Fair Disclosure, specifically section 13(a). In other words, Hastings's Facebook post violated disclosure rules intact for a public company.

The SEC says it intends to eithe…
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