Business Wire Calls SEC Stance a Disservice to Investors

Business Wire, the unit of Warren Buffett’s Berkshire Hathaway Inc. that distributes press releases, said the U.S. Securities and Exchange Commission is hurting investors by allowing the increased use of social media sites for posting financial information.

Guidance from the SEC “poses a disservice to the investment community, threatening increased fragmentation of price-sensitive information,” Business Wire said in a statement today. The stance also raises “privacy concerns as users are required to register to gain access to material news, security risks that may adversely affect market stability.”