SEC Gives Green Light to Social Media Disclosure… Or Does It? [GUEST POST]

This post was authored by Joseph R. Morrison, Jr., an associate attorney (MI Bar admission pending) at Honigman Miller Schwartz and Cohn LLP. On Tuesday, April 2, 2013, the Securities and Exchange Commission (SEC) posted Release No. 69279 concerning the SEC’s investigation of Reed Hastings, CEO of Netflix.  In December 2012, the SEC had issued a “Wells Notice“ when[...]

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[GUEST POST] Public Company Use of Social Media

This post was authored by Rebecca L. Friedrick. She is a law student at the University of Notre Dame Law School and was a 2012 summer associate at Honigman Miller Schwartz and Cohn LLP. Introduction As individuals increase their use of social media, companies are joining the conversation in increasing numbers.  Over the past couple of[...]

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Is a Facebook “Like” First Amendment-Protected Speech? It’s Complicated.

When is a “like” not an expression of liking something?  And does it, like, matter? In an April 24, 2012 opinion in the case Bland v. Roberts, Judge Raymond A. Jackson of the U.S. District Court for the Eastern District of Virginia sparked an online firestorm by ruling that “merely ‘liking’ a Facebook page is insufficient[...]

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SEC Releases Alert on Investment Adviser Use of Social Media

On January 4, 2012, the Securities and Exchange Commission released a 7-page alert called “Investment Adviser Use of Social Media.”  The document is the result of a review that the SEC conducted of “registered investment advisers of varying sizes and strategies that were using social media.” The SEC observed that, while many firms they reviewed[...]

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Public Companies, Social Media, and SEC Regulation FD

Public companies are using social media to amplify the impact of their public statements and increase shareholder engagement. For example, companies are “live tweeting” (i.e., posting updates to Twitter in real time as an event is happening) their earning calls and annual meetings. A social media site called StockTwits curates such information in real time.[...]

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