Nnamdi Ezenwa

Jan 4, 2024 | mondaq.com | David A. Sakowitz |Sey-Hyo Lee |Nnamdi Ezenwa

On December 19, 2023, the Fifth Circuit vacated the Securities and Exchange Commission's (SEC) new share repurchase disclosure rule discussed in our prior blog posts available here and here. The court acted on the plaintiffs' motion to vacate after the SEC failed to correct on remand the defects in the rule found by the court by the November 30, 2023 deadline, following the court's denial of the SEC's motion to extend the deadline.

Nov 10, 2023 | mondaq.com | David A. Sakowitz |Sey-Hyo Lee |Nnamdi Ezenwa

On October 31, 2023, the Fifth Circuit Court of Appeals held that the Securities and Exchange Commission (SEC) acted arbitrarily and capriciously, in violation of the Administrative Procedures Act (APA), when it failed to respond to petitioners' comments and failed to conduct a proper cost-benefit analysis in connection with the adoption of rules requiring issuers to disclose share repurchase activity and the reasoning as to why the issuer repurchased its own shares.