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It is already well understood that there has been a change in direction at the SEC under the current Trump Administration and SEC Chair Paul Atkins. In a speech earlier this week at the New York Stock Exchange entitled “Revitalizing America’s Markets at 250,” Atkins described the ways in which he thought the agency in recent times has lost its direction, particularly with respect to its public company disclosure requirements. With the stated aim of restoring its original mission, Atkins identified two main public company disclosure reform goals for the agency. He also set out “three pillars” to “make IPOs great again.” Atkins’s IPO-related remarks include brief but noteworthy comments about securities class action litigation reform that have largely been overlooked in the press coverage of his speech.Continue Reading SEC Chair Paul Atkins and Public Company Disclosure Reform

Since OpenAI launched ChatGPT in November 2022, the race to capitalize on emerging artificial intelligence (AI) technologies has super-charged the financial markets. The stock prices of AI-associated companies, such as Nvidia and Super Micro Computer, have soared. Several AI-related companies  — such as, for example, Astera Labs and Rubrik — have recently successfully completed IPOs, so much so that that the long-moribund market for IPOs is showing definite signs of life. Other AI companies – including for example, Zapata and MultiplAI Health Ltd. — recently became public through mergers with SPACs.

With the consuming interest in AI in the financial markets, many companies want to try to catch some of the lightning for themselves. However, what the companies say about AI, their AI prospects, and their AI risks could have significant consequences for the companies’ corporate and securities litigation risks, as well as their risks of regulatory scrutiny.Continue Reading AI, Risk, and Public Company Disclosures