The folks at ComplianceX appear to agree with me:
The post on Facebook was available immediately to over 200,000 subscribers to Hastings’ Facebook account. It is also not clear how many of these subscribers are Netflix investors or equity analysts. It is clear however that posting on Facebook removes any advantage for the equity analysts and professional traders who monitor the press releases closely.
If the SEC goes forward with this action against Netflix, it will signal that they are trying to restrict, not expand the sources that investors have for obtaining information about companies. This is exactly the opposite of what they should be doing.
See my previous post on this topic for context.
Photo Credit: ebayink