Re:Facebook fought SEC to keep Mobile risks hidden before IPO
by drusenko on Wednesday October 10, 2012 @05:41AM
(#4635669)
I guess you missed the next part:
Current SEC policy is to release correspondence no earlier than 20 business days after the IPO. The SEC doesn’t post correspondence “real time,” said John Nester, a spokesman, because “people could misinterpret our questions to companies about their disclosure before companies have had opportunities to provide a complete picture.” By law, “a company is responsible for its own disclosures,” he said.
The rules are the same for everyone... But only scrutinized when a company does poorly.
Publishing the SEC letters beforehand would be “a better way to get the information to the market than an amended filing,” said Peter Henning, a former SEC lawyer who teaches at Wayne State University in Detroit. “The SEC is a better soap box than the filings.”
Christ, that sounds like a PR disaster if not the stuff of more class action suits.