8-K’s Announcing Reg FD Social Media Channels Begin; NYSE Weighs In

The SEC opened the barn doors on use of social media, or merely reaffirmed existing guidance, depending on your point of view, in a recent Section 21(a) report.

Netflix, the subject of the Section 21(a) report, promptly responded by filing this Form 8-K.  The 8-K announces two Netfix blogs, the Netflix Facebook page and Reed Hastings Facebook page as places where information may be posted.  In addition, updates to the list will be announced on Netflix’s investor relations page.  That’s a lot of places to look.

Social media watchers wondered who would be next, and it turned out to be little known Infrax Systems, Inc.  Infrax announced its Facebook and Twitter feed may contain material information.  Social media and investor relations guru Dominic Jones of the IR Web Report noted on Twitter that “There’s something not quite right about a Co. with 1 tweet and 16 followers using Twitter for Reg FD.”

AutoNation was the next to follow suit, announcing its Facebook page and Twitter feed, together with CEO Mike Jackson’s Facebook page and Twitter feed, are places where material information might by posted.  Dominic Jones noted on Twitter that “Jackson has been using both channels for a long time and uses them well.”  So these may be channels worth monitoring for those who want to get in the business.

Just because the SEC says it is OK in some circumstances doesn’t mean that the NYSE thinks it’s always a good idea.  As Broc Romanek points out on TheCorpororateCounsel.net, the NYSE recently sent listed companies a letter reminding them while Reg FD channels are great and required, you still have to give the NYSE advance notice before the release of material news, whether on Twitter or Facebook or by traditional press release.

[Update:  AllianceBerstein announced it is going to live tweet its earnings conference call.  Where is all of this going to go? Hat tip to @footnoted]

Check dodd-frank.com frequently for updated information on the JOBS Act, the Dodd-Frank Act and other important securities law matters.

Written by:

Published In:


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Stinson Leonard Street - Dodd-Frank and the Jobs Act | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.