When is a Facebook status update from a corporate CEO a dissemination of material non-public information? How about when it pushes the stock price up 13 percent, adding $542 million in market value in one day?
Those are questions that Netflix and its CEO, Reed Hastings, are currently grappling with. Last Tuesday after the market closed, Hastings used one of his three personal Facebook accounts to share the following missive: “Congrats to Ted Sarandos, and his amazing content licensing team. Netflix monthly viewing exceeded 1 billion hours for the first time ever in June. When ‘House of Cards’ and ‘Arrested Development’ debut, we’ll blow these records away. Keep going, Ted, we need even more!”
