The ReadDirectoryChangesW API function on Microsoft Windows 2000, XP, Server 2003, and Vista does not check permissions for child objects, which allows local users to bypass permissions by opening a directory with LIST (READ) access and using ReadDirectoryChangesW to monitor changes of files that do not have LIST permissions, which can be leveraged to determine filenames, access times, and other sensitive information.
https://exchange.xforce.ibmcloud.com/vulnerabilities/32644
http://www.vupen.com/english/advisories/2007/0701
http://www.securityfocus.com/archive/1/460899/100/0/threaded
http://www.securityfocus.com/archive/1/460887/100/0/threaded
http://securityvulns.com/advisories/readdirectorychanges.asp
http://securityreason.com/securityalert/2282
http://secunia.com/advisories/24245
http://lists.grok.org.uk/pipermail/full-disclosure/2007-February/052613.html