1 billion hours should have been disclosed in an 8-K, not FB
Pretty clearly, Reed's 1 billion hours in June "proclamation" was a material disclosure that should have been made through an 8k filing. Reg FD would seem to apply.
I personally think the billion hours of viewing fact is not indicative of increased revenues, but the fact that the last two "billion hour" messages have signficiantly moved the share price, Reed is playing with fire.
I would not be surprised if the SEC comes knocking on this one.