The Securities Law Blog provides commentary and news on the latest securities law developments impacting established and emerging growth publicly-traded issuers and investment banks, as well as entrepreneurs and venture-backed private entities. Our blog closely follows SEC rulemaking in several key areas including public and private securities offerings, shareholder activism and equity investment, and mergers & acquisitions.
The authors of this blog are members of the Corporate/Securities practice of Olshan Frome Wolosky LLP. Since our founding, this firm has been distinguished by responsive, independent and client-focused legal services provided by lawyers with a profound commitment to the companies they serve. This blog is an outgrowth of this representation of our clients in a wide range of capital market transactions.
Corporate partner Kenneth Silverman and litigation partner Kerrin Klein published an article in the Securities Regulation Law Journal, Summer 2025 ed. entitled “Quarterly Survey of SEC Rulemaking and Major Court Decisions.” The article reviews the SEC’s rulemaking activities and court decisions relating to federal securities laws from January 1, 2025 through March 31, 2025. "This quarter," the authors write, "the SEC proposed no new rules and approved seven final rules. The final rules released this quarter generally provided technical changes to previously approved rules and the extension of compliance dates for other previously approved rules in order to give market participants time to properly implement necessary policies and procedures without risking unintended consequences for the market at large."
The Wall Street Journal’s Saturday/Sunday, August 2-3, 2025 article, “Software IPO Left $3 Billion on Table” brought back the old debate about money being “left on the table” by issuers and investment bankers who underprice shares sold in an issuer’s IPO. The Wall Street Journal wrote, “Figma and selling shareholders raised $1.2 billion in the IPO. They could have pocketed much more had the initial shares, priced at $33 apiece, been priced higher.” It noted that Figma‘s shares jumped 250% in its first day of trading on July 31 to $115.50 per share, suggesting that its sale of about 37 million shares in the IPO could have been $3.0 billion more. At the close on August 1, 2025, the stock continued to rally to $122 per share, before declining by a third to settle at $88.60 on August 4, 2025.