If you've already seen the headlines, you know that Reed Hastings, CEO of Netflix, has received a Wells Notice from the SEC. They're considering taking action on a violation of Regulation FD due to an alleged 'material' disclosure on Facebook that Hastings posted to his 200,000+ subscribers back in July 2012.
The gist of the issue? The SEC claims that those subscribers received an unfair advantage because they had access to the information in advance of the general public; and presumably traded based on that information. Naturally, Hastings' view is contra.
Is it a violation? I dunno. We're going to see more of these issues arise as social media continues to wend its way into the corporate mainstream.