On November 11, 2010, approximately 30 minutes before The Walt Disney Co. was slated to release quarterly earnings results, trading volume spiked and shares dropped 4.9 percent. Disney was forced to release earnings 16 minutes earlier than normal.
Disney's Senior Vice President of Investor Relations released the following statement, "We are aware that information regarding our fourth-quarter earnings became available ahead of its formal release and we are investigating how this occurred. We do regret any confusion caused by this incident."
This incident comes two months after a Disney employee pleaded guilty to conspiracy to commit securities fraud for trying to sell access to the company's quarterly earnings ahead of their release.
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