Last week, Netflix announced that it received a Wells notice from the SEC. Apparently, while the SEC was cruising Facebook (what else is there to do while neglecting to investigate Wall Street?), someone noticed Netflix CEO Reed Hastings posting that Netflix had surpassed one billion hours of streaming old episodes of Facts of Life to shut ins.
The SEC staff thinks Hastings disclosed material information in this Facebook post, possibly violating Reg FD, the 2000 regulation that put a stop to companies giving an advantage to small subsets of investors by disclosing material information between blowing rails of coke off strippers.
But Facebook isn’t a seedy strip club full of free drugs and prostitutes (read: Christian Mingle). Reed Hastings has over 200,000 “fans,” many of whom are analysts and reporters. In pursuing enforcement without exercising a little discretion, the SEC ignores these facts.
Netflix is arguing that the disclosure was not material and that most investors knew that the CEO’s Facebook page is recognized as an avenue for public disclosure.
Regardless of the specific resolution of this matter, this is one more reminder that the SEC is woefully behind when it comes to adapting to technological developments. Like, oh I don’t know, HFT perhaps?
* In the 7th grade, we abided by the “one best friend” law, so we could totally pledge our loyalty to just one dog who also definitely wouldn’t steal our boyfriend. [New York Times]
* German Chancellor Angela Merkel admits to an incident of youthful “corruption,” but would you have rather she bartered sexual favors for her driver’s license? We’re letting this slide too. [The Times]
* We hear freshmen housed in state school dorms are joining the lawsuit. [Los Angeles Times]
* Since all of my disposable income after rent, I-Pod upgrades and therapy goes to clothes, I for one can say that status is one of the more noble causes a person can embrace. I mean, honestly, without fashion, 90% of third world kids would be unemployed. [University of Chicago Law School Faculty Blog]
* Honor among greedy bastards: Corporate greedy bastards deserve their obscene paychecks, says greedy bastard M&A lawyer Martin Lipton. [Reuters]
[Ed. note: Please note that this post is signed by Stella Q. Some of us were very happy to receive obscene paychecks courtesy of Mr. Lipton. (And if Wachtell Lipton's midyear bonuses are any indication, year-end bonuses at the firm will be especially obscene this year.)]
* “Surfing champion Sunny Garcia… looked gloomy as the sentence was handed down.” Nice. [CNN]
* Justice O’Connor sat by designation on the Ninth Circuit this week. She must have had so much fun the last time she flipped a coin in California , she’s back for more. [San Jose Mercury-News]
* Another swing justice in NoCal. Justice Kennedy: “[T]he verdict on democracy is still out.” Didn’t he give this speech somewhere before? [San Francisco Chronicle]
* “The only thing missing from [Wednesday's] three-judge Third Circuit oral argument panel was any judge from the the U.S. Court of Appeals for the Third Circuit.” [How Appealing]
* Busy bees at the SEC: Civil securities-fraud suits against former execs of Delphi Corp. are expected soon. [Wall Street Journal via WSJ Law Blog]
* Poor Dick Grasso. The former New York Stock Exchange chairman must return about $100 million of his $139.5 million payout. [New York Times]
* A federal judge has ordered that Vice President Dick Cheney’s visitor logs be opened. There’s at least one name that won’t be on there. [Associated Press]
* Justice Department lawyers have lost their Federal Circuit appeal in their long-running class action suit for overtime pay. Mama, don’t let your babies grow up to be DOJ attorneys. [Washington Post]
* The Ninth Circuit has ruled against a freelance journalist and blogger who refused to testify to a grand jury or turn over video footage he took of a violent protest at last summer’s G8 summit. The journalist, Josh Wolf, will seek an en banc rehearing. [New York Times]
* The latest news in Spitzer v. Grasso: Dick Grasso’s looking for a new judge, baby, a new judge. Eliot Spitzer is looking for a way to make his eyes look less beady. [Wall Street Journal via WSJ Law Blog]
* The fellow we mentioned yesterday, who had sex with his 14-year-old sister, has lost his suit to keep his identity off Virginia’s online sex offender registry. [Washington Post via How Appealing]
* Not directly related to the law, but interesting: Harvard University is ending its early admissions program next year. (And it has an indirect connection to the law, insofar as it might affect the educational paths of future lawyers.) [Wall Street Journal]
In a land that is right here and in a time that is right now, a technology has arisen so powerful that it can replace basic human document review. Is it time to bow down before our new robot overlords?
First, here’s a little story about me: my life in the legal world began as a paralegal. My first case was a GIANT patent infringement case that was already six years old and had involved as many as five companies, multiple US courts, the ITC and an international standards committee. I knew nothing about any of this.
On my first day, my supervisor (a paralegal with at least eight other cases driving her crazy) sat me down in front of a Concordance database with a 100,000+ patents and patent file histories. “Code these,” she said. I learned that “coding”, for the purposes of this exercise, meant manually typing the inventor’s name, the title of the patent, the assignee, the file date, and other objective data for each document. I worked on that project – and only that project – for at least the first six months of my job. After a week or so, time began to blur.
What I know, in retrospect and with absolutely certainty, is that as time began to blur, so did my judgment. So did my attention to detail. If you could tell me that I did not make at least one mistake a day – one inconsistent spelling, one reversed day and month, one incorrectly spaced title – I frankly would need to see your evidence. I would not believe it. The human mind is trainable but it is not a machine.
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at firstname.lastname@example.org in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
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