Netflix Inc. has drawn the attention of American regulators, who believe the company's CEO drove his company's stock higher by revealing insider secrets to his 200,000 Facebook friends.
Reed Hastings posted in July that Netflix members were enjoying "nearly a billion hours per month" of content. Regulators believe he was sharing inside information with a limited number of people, and have told the company they are recommending civil charges be filed.
Mr. Hastings said Thursday that he considered the Facebook post "very public," particularly because of the number of reporters and bloggers who subscribe to his feed. He added that the information would have come as no surprise to investors, because he made the same claim in a blog a few weeks prior.Report Typo/Error
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