SEC Sets Sights On Netflix Over CEO's Facebook Post

Law360, New York (December 6, 2012, 9:03 PM EST) -- Netflix Inc. and its CEO Reed Hastings could face action by the U.S. Securities and Exchange Commission over Hastings’ July Facebook post revealing that Netflix members had watched more than 1 billion hours that month, the online video service said in a regulatory filing Thursday.

Netflix and Hastings received a Wells notice from the U.S. Securities and Exchange Commission on Wednesday that said the company could face either a cease-and-desist or civil injunctive suit for fair-disclosure violations allegedly prompted by the posting on the social networking...
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