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| Authored by: PJ on Tuesday, May 01 2012 @ 04:47 PM EDT |
You misunderstand a couple of things.
First, an annual report covers the previous
year, so it covers June 2007 onward.
Second, the issue was whether or not the
blog was corporate or personal. McNealy
said it was just personal.
He didn't say it started personal and then
became corporate, which is what you seem
to be implying.
Trust me. You lose.[ Reply to This | Parent | # ]
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| Authored by: Anonymous on Tuesday, May 01 2012 @ 05:54 PM EDT |
You don't get permission from the SEC. You disclose everything to the public and
your investors through the SEC filings.
There's a difference.
It's not a "mother may I?" style. It's more a "here's what we
did." If you stepped out of bounds far enough you either face an SEC
investigation, a shareholder lawsuit, or both.
Speaking as an accountant, the more likely scenario is that during an audit it
was discovered that material Sun information was being disclosed on the blog,
and in order to comply with SEC-REG-FD it was added to the annual report after
the fact.
The reason why is that as an officer (CEO = Chief Executive _Officer_) of a
publicly traded company you aren't allowed "personal" material
statements in relation to your company.
If your comment is public, under SEC-REG-FD (2000) the disclosure must be to all
investors at the same time. Blogs on the Internet are public critters, so you
want to disclose where you have been, or will be, making these material
statements.
From a timing viewpoint, it's not about when Sun put it in the filings, but when
Sun's CEO discussed Sun in his blog.
Sun CEO? yup
Discussing Sun? yup
Public? yup
Official? yup
Personal? nope
If your comment is private you better hope no one leaks or executes a stock
trade based on the inside information unless they're a member of Congress
(they're exempt from insider trading). For more info on the consequences,
consult Martha Stewart.
-- nyarlathotep[ Reply to This | Parent | # ]
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