United States: Securities

Welcome to the Q3 2025 edition of A&O Shearman's Fifth Circuit Securities Litigation Quarterly. As public companies and financial institutions continue to migrate to Texas...

EY's recent SEC Reporting Update highlights 2025 trends in comment letters issued by the staff of the Securities and Exchange Commission (the "Staff") to registrants about disclosures in their periodic filings.

On September 30, 2025, Judge Edgardo Ramos of the United States District Court for the Southern District of New York granted a motion to dismiss a putative securities class action against a fashion e-commerce company (the "Company"), its subsidiary, as well as certain of the Company's executive officers (the "Individual Defendants").

As fall approaches, the SEC has kept a brisk pace on both proposed rulemaking and regulatory initiatives in the third quarter.

On 29 September 2025, the SEC issued notice of an exemptive application filed by Dimensional Fund Advisors LP, et al. seeking relief to offer index-based or actively managed funds that have one or more mutual fund share classes and an ETF share class.

As of 12:01 am on October 1, 2025, congressionally appropriated funding lapsed for most operations of the United States government. Though the government has shut down, business continues...

Exxon Mobil Corporation (Exxon) has begun implementation of its retail voting program, following the receipt of no-action relief from the Securities and Exchange Commission (the SEC).

When going through an initial public offering (IPO) process, a company must make the important decision of choosing the securities exchange on which to list its shares.

On September 12, 2025, Judge Marsha J. Pechman of the United States District Court for the Western District of Washington denied a motion to dismiss a proposed securities...