After everyone got wind of SEC guidance on use of company web sites, recognizing that technological innovations allow instantaneous communications (Release No. 34-58288 (8/1/2008)), companies began trying to save on press releases by directing the public to Investor Relations web pages through use of push technology (RSS feeds, ShareThis buttons, Receive E-Mail Alerts), referencing readers in news releases to go to the corporate web site and social networking links (Twitter, LinkedIn, FaceBook), for updates on company information.
For example, on April 15, 2010, Google, Inc. announced in a press release for readers to visit Google's Investor Relations website to view an earnings release. The press release said: "Google intends to make future announcements regarding its financial performance exclusively through its investor relations website."
In 2000, the SEC enacted Regulation FD to address selective disclosure by public companies of material, nonpublic information. Whenever a public company, or any person acting on its behalf, discloses material nonpublic information, the company must simultaneously, or promptly, make public disclosure of that information. A public company may file a Current Report on Form 8-K or to choose any method to disclose publicly material information reasonably calculated to make effective, broad, and non-exclusionary public disclosure.
The SEC recognized that a company website is a recognized channel of distribution to make information generally available to the securities marketplace. It appears Google is declaring its website to be a recognized channel of distribution of information. Although the common practice is to include earnings information in a press release, Google excluded the earnings information and instead posted the earnings release numbers on its website.
Google took steps to inform the market that its website is a resource for material information and will be establishing a practice of using the website for disclosure purposes.
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