Updated SEC Enforcement Manual Emphasizes Engagement and Transparency
On February 24, 2026, the US Securities and Exchange Commission (SEC) announced major updates to its Enforcement Manual (Manual), a guidance document the SEC staff uses when conducting investigations of potential securities law violations. This is the first time the SEC has updated the Manual since 2017, but the announcement […]
Securities Class Action Trends in 2025: Fewer Cases Filed, But More Dollars at Stake
Two leading consulting and expert firms – Cornerstone and NERA – recently released their reports on securities class action filings in 2025. Both observed a decline in new filings, driven largely by fewer Section 10(b) cases. At the same time, measures of potential investor losses reached historical highs, propelled by […]
SEC in the Courts: SCOTUS to Review Disgorgement Powers (Again), District Court Upholds Follow-On Administrative Proceedings
2026 is off to a rousing start for the US Securities and Exchange Commission (SEC), with two notable developments related to the agency’s civil enforcement authority. On January 8, the SEC won a constitutional challenge to its ability to seek industry bans through a follow-on administrative proceeding.[1] This is the […]
Featured in Law360: 2025’s Defining AI Securities Litigation
Law360 recently published an article authored by Cooley securities litigation attorneys analyzing three defining cases from 2025 that will shape how courts assess artificial intelligence (AI)-related disclosures moving forward. As the article explains, the “stakes are rising,” given that “AI-related securities filings doubled from seven in 2023 to 15 in […]
SEC Public Companies Enforcement: FY 2025 Review and What to Expect in 2026
When Paul Atkins became the new chairman of the Securities and Exchange Commission (SEC) in April 2025, the market expected enforcement actions against public companies to decrease. Chairman Atkins has criticized the prior SEC administration’s pursuit of large corporate fines, believing that they unfairly penalized shareholders. He also criticized the […]
SEC’s ‘Project Crypto’ – Chairman Atkins Outlines Regulatory Vision
On November 12, 2025, at the Federal Reserve Bank of Philadelphia, Securities and Exchange Commission (SEC) Chairman Paul Atkins delivered a keynote address unveiling the next phase of “Project Crypto,” the SEC’s initiative to provide clarity and consistency in applying US securities laws to digital assets. Atkins emphasized the SEC’s […]
SEC Changes Course, Concludes Mandatory Arbitration Provisions Do Not Conflict With Federal Securities Laws
The US Securities and Exchange Commission (SEC) recently changed its longstanding position disfavoring the inclusion of certain mandatory arbitration provisions in corporate certificates of incorporation or bylaws. As Chair Paul Atkins explained, the SEC’s September 17, 2025, policy statement “provides the Commission’s views on whether mandatory arbitration provisions are inconsistent […]
SEC Intensifies Oversight of Foreign Companies that Participate in U.S. Capital Markets
According to NERA, a leading consulting and expert firm, the share of foreign-based companies listed on U.S. stock exchanges has risen steadily in the last decade, from 17.4% in 2016 to 26.9% in 2025. As noted in our September 18 blog post, the U.S. Securities and Exchange Commission (SEC) recently […]
Ninth Circuit Deems Company’s ‘Snappy Slogan’ Inadequate Support for Securities Fraud in Light of Additional Disclosures
On August 20, 2025, the US Court of Appeals for the Ninth Circuit affirmed the district court’s dismissal of a securities fraud action in Sneed v. Talphera. With this published decision, Cooley secured a complete victory on behalf of its clients – including Talphera (formerly known as AcelRx Pharmaceuticals), a […]
SEC Creates Cross-Border Task Force to Combat Fraud
On September 5, 2025, the U.S. Securities and Exchange Commission (SEC) announced the formation of a Cross-Border Task Force that will “strengthen and enhance the Division of Enforcement’s efforts to identify and combat cross-border fraud harming U.S. investors.” According to the SEC, the task force will “focus initially on investigating […]