News & Analysis as of May 28, 2025

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Fifth Circuit Nullifies Nasdaq’s Diversity Rule for Corporate Boards

Ogletree, Deakins, Nash, Smoak & Stewart,... on 12/31/2024

A federal circuit court recently vacated a U.S. Securities and Exchange Commission (SEC) order approving Nasdaq’s diversity rule for boards of directors of public companies....more

Fifth Circuit Vacates SEC Order Approving Nasdaq Board Diversity Rules

McDermott Will & Emery on 12/23/2024

On December 11, 2024, the US Court of Appeals for the Fifth Circuit vacated the US Securities and Exchange Commission’s (SEC) order approving The Nasdaq Stock Market LLC’s (Nasdaq) board diversity rules, holding that the...more

Nasdaq Board Diversity Rules Vacated by En Banc Fifth Circuit Decision

Goodwin on 12/18/2024

In an en banc decision filed on December 11, 2024, the U.S. Court of Appeals for the Fifth Circuit (Fifth Circuit) vacated the 2021 approval by the U.S. Securities and Exchange Commission (SEC) of rules adopted by The Nasdaq...more

Nasdaq Board Diversity Rules Struck Down by Fifth Circuit

Fenwick & West LLP on 12/16/2024

In August 2021, the SEC approved new board diversity rules requiring Nasdaq-listed companies (i) to include a board diversity matrix in their proxy statement or on their website and (ii) to disclose whether they have one...more

Fifth Circuit Upholds Nasdaq Board Diversity Rule

Vinson & Elkins LLP on 11/7/2023

On October 25, a panel of the Fifth Circuit Court of Appeals (the “Fifth Circuit”) upheld the Nasdaq board diversity rule in the face of challenges that (among other things) the rule attempted to improperly and...more

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