NEW YORK --
CEO Reed Hastings and his company received a Wells Notice from the
Securities and Exchange Commission
for a social network post.
The controversial chief of the DVD-rental and streaming-media company received a Wells Notice for a
post that claims Hastings violated the Regulation Fair Disclosure, Section 13(a) of the Securities Exchange Act and Rules 13a-11 and 13a-15.
Staff at the SEC are recommending Hastings and Netflix face civil enforcement over the post the executive made in July, which claimed Netflix users "had enjoyed over 1 billion hours" of content in June. The company didn't issue a press release or file an 8-K with the information at the time, which the SEC says Hastings should have done because it was "material" investor information.
Palo Alto Networks
said Thursday it swung to a fiscal first-quarter loss of $3.5 million, or 5 cents a share.
Adjusted profit in the quarter was 4 cents a share, topping analysts' estimates by a penny as revenue jumped 50% to $85.9 million.
The network security company said it expects adjusted earnings in the fiscal second quarter of 4 cents a share on revenue of $90 million to $94 million; analysts forecast profit of 4 cents a share on revenue of about $91 million.
Smith & Wesson
swung to a profit of $21.1 million, or 31 cents a share, in the fiscal second quarter. The board of the gun maker also approved $20 million in stock buybacks.
announced Thursday plans to raise $100 million in debt financing and the intention to hire 250 to 300 sales representatives, in a go-it-alone launch strategy for lipid-lowering prescription fish-oil pill Vascepa.
The announcement disappointed investors were were hoping for a marketing partnership. The stock plunged 21% in after-hours trading Thursday.
said Thursday it would pay a special dividend of $5.68.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here:
>To submit a news tip, send an email to:
Copyright 2012 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.