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Goldman Sachs is planning to ditch a Warren Buffett-owned news wire for earnings releases
(Reuters/ Rebecca Cook )
Goldman Sachs CEO Lloyd Blankfein and Berkshire Hathaway chief Warren Buffett.
When Goldman Sachs announces its third-quarter earnings on October 15, it is planning to do so with a release on its own website and a tweet linking to the release.
It does not plan to release its results on Business Wire as it did in the second quarter, however, according to people familiar with the matter.
Business Wire plans to talk to Goldman Sachs about the changes, according to one person, and it may convince the New York-based bank to change its mind.
Goldman has not ruled out using Business Wire in the future. In July, it used Business Wire to announce the date for the release of its third-quarter results. Business Wire is a unit of Warren Buffett's Berkshire Hathaway.
But the plan highlights growing concerns around the dissemination of quarterly results and company news.
Federal authorities made arrests in August in a case involving an alleged insider-trading ring that hacked several thousand press releases containing market-moving information. The victim newswires included PRNewswire, Marketwired, and Business Wire.
Business Wire later sent a memo to members stating that government investigators had asked Business Wire about less than 85 releases, and highlighting that none of the specific examples listed in the indictments and SEC complaint connected to the case were Business Wire releases.
They have also been cases where earnings have been released ahead of schedule.
In April, Twitter blamed Nasdaq for its premature earnings leak.
And in October, shareholder.com released JP Morgan Chase's Q3 2014 results more than three hours early, an incident that was attributed to "human error."
Goldman appears to have decided to take matters into its own hands.
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