Further to our recent report (see “5th Circuit Agrees SEC Violated APA in Adoption of Share Buyback Rule”), following the Fifth Circuit’s recent determination that the SEC’s adoption of the share buyback rule was arbitrary and capricious in violation of the APA, the SEC announced its issuance of an Order postponing the effective date of, and staying, the rule pending further Commission action.
See this Gibson Dunn post and additional resources on our Capital Allocation/Capital Structure page.