to not utilize a wire service to disseminate their upcoming earnings but
instead to disclose their results via their website and Twitter seems a step
backward for full, fair and simultaneous, broad disclosure.
“pull” vs. “push” in material disclosure seems to go against the spirit of Reg.
FD – even if the SEC has condoned the practice.
- Do investors prefer to go and fetch earnings
news off each company’s website – or do they prefer to access all company
earnings in real time via their preferred financial portal/data source?
- Isn’t it easier and better to use a wire service
to “push” material earnings data to all relevant sites/services used by
investors in real time?
- How do Goldman’s financials get onto all the
major financial portals and databases relied upon by most investors? When is
this accomplished? [Read below]
- What data integrity safeguards exist in getting
Goldman earnings content on other investment information portals/services?
- How do you confirm the time disclosure has been
achieved and when you are able to “push” your data out via email, etc?
- Is your website secure and sufficiently robust and
easily navigable to provide immediate access to all investors in real time?
- Is your web team able to accomplish such
disclosure efforts and if so, at what cost relative to the alternative?
- Are you 100% confidant your site cannot be
compromised before, during and after your material disclosures? Are you comfortable in taking on any liability
related to managing this function?
more time consuming and less investor friendly – can you? What would the
world look like if all companies followed Goldman’s approach and investors had
to go to each company’s website to
driving Edgar traffic!
material information when the source material is initially available on just
one website? What about unplanned material news – which is quite different than normally scheduled earnings reports – does the website/Tweet model provide suitable disclosure breadth & speed?