A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets.
This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength.
Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations.
Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
On 7 December 2017, the NYSE announced a rule change, with immediate effect, pursuant to which NYSE listed companies are now prohibited from issuing material news after the close of the NYSE trading session ...
On 7 December 2017, the NYSE announced a rule change, with
immediate effect, pursuant to which NYSE listed companies are now
prohibited from issuing material news after the close of the NYSE
trading session (normally 4:00 p.m. ET) and until the earlier of:
(i) five minutes after the official closing time for the NYSE
trading session and (ii) the publication of the official closing
price of the company’s security.
This rule change will delay the timing of issuers’
announcements delivered following market close, such as press
releases announcing securities offerings. According to the NYSE,
when a company releases material news after 4:00 p.m. but before
the company’s NYSE designated market maker has completed the
closing auction, there can be significant differences between the
official NYSE closing price and any price realised in another
trading venue during such time window. The restriction does not
apply to instances when companies release announcements to cure
previous unintentional selective disclosure pursuant to Regulation
FD.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
