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SEC Urged to Update Fair Disclosure

Twelve-year-old regs dont take into account social media.

By Brian Womack and Douglas MacMillan, Bloomberg | Updated on December 07, 2012

U.S. regulators, probing comments posted by Netflix Inc. Chief Executive Officer Reed Hastings on Facebook Inc.’s site, are being urged to reconsider disclosure rules created years before the advent of social media.

Netflix said it may face a Securities and Exchange Commission civil suit after Hastings told Facebook followers in July that Netflix customers watched more than 1 billion hours of videos in June, according to a filing by Netflix yesterday. The company said that it didn’t issue an accompanying press release or make a filing with regulators.

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