Hastings had posted material nonpublic information on his personal Facebook page without prior announcement that it would be a vehicle for communicating such information.
The SEC's latest report clarified that 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 an acceptable method of disclosure under securities laws.
SEC, 463 U.S. 646 (1983), which established that, in order for a tipper to be held liable, they must not only have disclosed material non-public information, but have also received some personal benefit as a result of the disclosure.