Regulation FD requires public disclosure, such as through a press release on a widely disseminated news or wire service, or by “any other non-exclusionary method” that provides broad public access. In June, Hastings had posted on his company blog that members were viewing “nearly a billion hours per month.” With neither the June blog post nor the July Facebook post did he issue a press release or an 8-K filing with the SEC.

“We think the fact of 1 billion hours of viewing in June was not 'material' to investors, and we had blogged a few weeks before that we were serving nearly 1 billion hours per month,” Hastings said in the filing. “We remain optimistic this can be cleared up quickly through the SEC's review process.”

Netflix and Hastings, 52, each received a Wells Notice, which the SEC sends to a company or an individual after its staff has determined that sufficient wrongdoing has occurred to warrant civil claims being filed.

Though the SEC might argue Netflix and Hastings violated a rule by not issuing an 8-K filing with the Facebook post, that doesn't mean they committed a material infraction, Rocket Lawyer's Moore said.

Netflix, based in Los Gatos, California, fell as much as 3.4 percent to $83.25 yesterday in extended trading. The shares climbed 3.4 percent to $86.17 in regular New York trading and have advanced 24 percent this year.

Jonathan Friedland, a Netflix spokesman, said the company had no additional comment. Florence Harmon, an SEC spokeswoman, declined to comment.

Social Use

Company executives are increasingly using social media as a tool to communicate with customers and investors. On Dec. 4, Elon Musk, chairman and CEO of Tesla Motors Inc., said on Twitter his electric-vehicle company was cash-flow positive.

“Am happy to report that Tesla was narrowly cash flow positive last week,” Musk, 41, wrote to his almost 113,000 followers. “Continued improvement expected through year end.” Musk's message, which was re-posted more than 600 times by Twitter users, provided no additional information.

Tesla, which hasn't turned a quarterly profit, is racing to expand production of the rechargeable Model S sedan at its factory in Fremont, California.

Jeff Evanson, Tesla's spokesman for investor relations, said he isn't aware of any contact this week by the SEC.

Silicon Valley has been testing the boundaries of the SEC's disclosure rules for years. Some technologists have argued that the Internet has made it easier for people to obtain information, thus making other methods of issuing news such as press-release services less valuable.

A champion of this idea was Jonathan Schwartz, former CEO of Sun Microsystems, who challenged the SEC's limitations on what constitutes public disclosure of material corporate information.

In 2007 Schwartz posted Sun's earnings releases on the company's investor relations website 10 minutes before distributing it through the traditional channels. Schwartz called the SEC's requirements “anachronistic.”

The following year, the SEC relented, allowing companies to disclose information solely on their websites, as long as they met certain criteria. Netflix regularly releases its earnings results on its website.

“We think posting to over 200,000 people is very public, especially since many of my subscribers are reporters and bloggers,” Hastings said yesterday of his Facebook account.

On July 3, the day of Hastings's mid-morning Facebook post, Netflix shares had their biggest gain since May 23. In yesterday's filing, he said the stock was already climbing because of a positive research note from a Citigroup analyst, which called Netflix shares “highly reasonable” with a target price of $130. They closed at $72.04 that day.

Hastings' post, which is still on his page, received 282 “likes,” two comments and 36 re-postings to other pages and Websites.

“It's interesting to wonder whether disclosure via a post seen by 200,000 people is more selective than a press release and an SEC filing seen by some unknown number,” said Erik Gordon, a professor at the University of Michigan's law school and business school. This “could be a tough, precedent-setting case.”

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