NEW YORK (

TheStreet

) -- The early release of

Walt Disney's

(DIS) - Get Report

earnings report this month came after a reporter at

Bloomberg

found the information the company had posted on a Web site that it intended to distribute after the market closed.

The company made the financial report accessible through a Web address, but didn't plan on revealing the link until after the market closed.

>>Disney Shares Drop on Weak Earnings

A

Bloomberg

news reporter found the page and reported Disney's results about thirty minutes prior to the official scheduled release. The reporter figured out that the Web address to Disney's previous quarterly reports followed a similar format, containing the year and the quarter number. He used the same format and plugged in the current year and quarter, and the address worked.

The company's shares plunged nearly 5% immediately following

Bloomberg's

early report.

Six days later,

Bloomberg

writers used the same method on

NetApp

(NTAP) - Get Report

, and reported its quarterly results over an hour before the market closed. The data storage company's stock dropped 9%, and

Nasdaq

officials were forced to halt NetApp's trading before the market closed. Shares have since recovered.

While the

Securities and Exchange Commission

would not say whether it will investigate the incidents, several analysts believe that it is the company's responsibility to protect its valuable information.

"The error is using security by obscurity, as they say, which means hiding the data instead of really securing it,"

RedMonk

software industry analyst Michael Cote told the

Associated Press

.

Meanwhile, Disney spokesman Jonathan Friedland said the company has not completed its investigation of the leak.

-- Written by Theresa McCabe in Boston.

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