Eline Entertainment Group Inc (EEGI)

[kingpindg]

While I am glad he is updating us, it looks like Steve's announcement on his personal Twitter account that he would be using his personal twitter account to make announcements would not be considered broad enough notification, and that he really should have used a PR or some other means to let investors know.

Although every case must be evaluated on its own facts, disclosure of material, nonpublic information on the personal social media site of an individual corporate officer, without advance notice to investors that the site may be used for this purpose, is unlikely to qualify as a method “reasonably designed to provide broad, non-exclusionary distribution of the information to the public” within the meaning of Regulation FD.23 This is true even if the individual in question has a large number of subscribers, friends, or other social media contacts, such that the information is likely to reach a broader audience over time. Personal social media sites of individuals employed by a public company would not ordinarily be assumed to be channels through which the company would disclose material corporate information. Without adequate notice that such a site may be used for this purpose, investors would not have an opportunity to access this information or, in some cases, would not know of that opportunity, at the same time as other investors.


https://www.sec.gov/litigation/investreport/34-69279.pdf






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