Would Brewer-Hay’s tweets about what had transpired at technology conferences require SEC disclosures? Why or why not?

In the fast-paced world of securities trading, there is great demand for the latest information about companies, earnings, and market conditions. Corporations are meeting this demand by establishing Web sites and blogs, and using other interactive online media, such as Twitter and online shareholder forums. Nearly 20 percent of Fortune 500 companies now sponsor blogs. Corporations that use the Internet to distribute information to investors, however, must make sure that they comply with SEC regulations. For purposes of federal securities laws, the SEC treats statements by employees on online media, such as blogs and Twitter, the same as any other company statements.