We use Regulation FD setting, given that SEC adopted the regulation recognizing that managers can convey non-public information privately not just through explicit quantitative disclosures but also through implicit communications. In a high-profile enforcement action, however, the court focused on a literal examination of the manager’s language rather than his positive spin to conclude that SEC had been “too demanding” in examining the manager’s statements and that its enforcement policy was “overly aggressive.” We provide empirical evidence suggesting that selective disclosure from managers to financial analysts increased significantly after the court’s ruling. We also provide reasons to believe that this consisted, in part, of an increase in implicit communications. Our results highlight the challenges associated with enforcing corporate disclosure regulations in the context of implicit communications.