Apple CEO Tim Cook may have violated SEC rules with Jim Cramer email

Marketwatch:

Apple Inc. CEO Tim Cook’s decision to give a rare midquarter update on the company’s performance in a private email to CNBC’s Jim Cramer on Monday may have violated federal disclosure rules, lawyers said Monday.

“Obviously I can’t predict the future, but our performance so far this quarter is reassuring,” Cook wrote.

However, the private disclosure, which was tweeted by CNBC reporter Carl Quintanilla and read on air at CNBC, may have violated the Securities and Exchange Commission’s fair-disclosure regulation, white-collar lawyers told MarketWatch. The rule, deemed murky and often contested by companies, addresses how publicly traded companies disclose material nonpublic information to certain individuals or entities.

When I first heard of this email, I thought this might happen. I’m sure Cook’s intentions were pure but this is something the SEC will at least have a little chat with him about but will likely result in little more than a “Bad CEO! No cookie for you!” warning.