Since 2001, most publicly held companies have viewed their legal disclosure obligation through the lens of Regulation Fair Disclosure. Reg FD was designed to stop the disclosure of material, non-public information—particularly earnings guidance—to a select group of analysts or investors and to level the playing field in disseminating material information.
The evidence is pretty clear that corporations have figured out how to live with Reg FD, given that the Securities and Exchange Commission has filed only seven suits for violating the rule and the federal district judge for the Southern District of New York overturned the last one in 2005 (the ...