Netflix CEO Finds Out What Happens When Social Media and Securities Law Collide

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Publicly traded companies may be forced to reconsider their social media business practices or face penalties from the Securities and Exchange Commission. Netflix recently announced that it received a Wells Notice from the agency in connection with a social media post made by its CEO, Reed Hastings.

The offending post stated: 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!

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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.

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