Re:TechCrunch published Snap earnings before numbers went pu...
by jsjohnst on Tuesday October 22, 2019 @07:50PM
(#21329680)
> Techcrunch doesn't have a problem, they did exactly what they were supposed to do: publish the information immediately.
Do a little research into “embargo” in regards to news media and you’ll understand it’s a very very common thing.
Re:TechCrunch published Snap earnings before numbers went pu...
by gamblor956 on Tuesday October 22, 2019 @08:02PM
(#21329756)
People who aren't lawyers have an inflated sense of the legal consequences of breaking an embargo.
The damage to TC is reputational, if that. This isn't the first embargo TC has broken and it won't be the last. If anything, they've developed a reputation as the place to send leaks to.
Re:TechCrunch published Snap earnings before numbers went pu...
by jsjohnst on Tuesday October 22, 2019 @08:26PM
(#21329866)
There is virtually no impact to TC, outside they likely won’t get embargoed content from that source for a while, if ever. Also, TC will still get the article after it hits the wire, they aren’t exclusively in the breaking news category desperately trying to always be “first”, so a slight delay isn’t probably a deal breaker for them.
This is probably part of the reason embargo leaks aren’t that unusual.
The problem is that someone at Snap did not do what they were supposed to do. Rather than a broad disclosure, they made a limited one, which had a noticeable affect on the market.
And this is exactly the type of failure that the SEC likes to police. It's like to result in a small fine and/or binding agreement for Snap to broadly disseminate financial results in the future, rather than leaking financials to favored journalists.