Pres. Trump Proposes Public Companies Report Financial Results Every Six Months, Not Quarterly

Plus Charlie Javice faces sentencing for defrauding JPMorgan Chase.

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Bruce Carton
September 16, 2025

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Tejal Shah, former Associate Director in the SEC’s Division of Enforcement, has rejoined Cooley as a partner in the firm’s New York office.

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Trump renews calls for ending quarterly reports for companies

U.S. companies should be allowed to report earnings every six months instead of on a quarterly basis, President Donald Trump said on Monday, announcing what could prove to be a major shift for corporate America.

The president said on his social media site Truth Social that change, which he had previously called for in 2018, would cut costs and discourage shortsightedness on the part of publicly traded companies. The U.S. Securities and Exchange Commission said it was making Trump’s proposal a priority.

“This will save money, and allow managers to focus on properly running their companies,” Trump said. Currently, the SEC requires corporations to report their financial statements every 90 days. Half-yearly reporting would mark a huge change in disclosure requirements and put the U.S. in line with the U.K. and several countries in the European Union.

The agency in 2018 solicited public comment on possible changes but ultimately left the current regime in place. This time the SEC appeared fully on board.

“At President Trump’s request, Chairman Atkins and the SEC is prioritizing this proposal to further eliminate unnecessary regulatory burdens on companies,” a spokesperson said.

by Reuters

👉 Bloomberg reports here that Pres. Trump raised this same issue back in 2018, and that Barack Obama also did in 2015.

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US Says Javice’s Fraud on JPMorgan Deserves 12 Years in Prison

Charlie Javice, who was convicted of defrauding JPMorgan Chase & Co. into acquiring her student-finance startup, deserves 12 years in prison, US prosecutors told a judge.

In a court filing late Monday, the government said Javice “committed a brazen fraud to pocket nearly $50 million for herself by claiming her company had as customers millions of people who did not actually exist.”

“A substantial sentence, in line with those in other significant fraud cases, will provide just punishment and serve the purposes of specific and general deterrence, particularly in the startup sector,” prosecutors wrote to US District Judge Alvin Hellerstein, who will sentence Javice on Sept. 29.

In a letter to the judge last week, Javice’s lawyers argued for a lenient sentence, saying an estimated $200 million loss to JPMorgan was “not consequential” for the largest US bank.

by Bloomberg

👉 Javice told the court that she accepted the jury’s verdict and took “full responsibility” for her actions. “There are no excuses, only regret — I am truly sorry,” she said. Javice said that at age 28, she was “out of my depth and made poor choices that still haunt me.” Javice’s attorneys are seeking “a no-prison sentence and no restitution to JPMorgan,” the NY Post reports.

SEC, Winklevoss’ Gemini to Resolve Crypto Lending Lawsuit

The US Securities and Exchange Commission and Gemini Trust Co. are close to resolving the agency’s lawsuit claiming the firm illegally raised billions of dollars through an unregistered lending crypto program, attorneys said in a court filing.

“The parties in this case have reached a resolution in principle that would completely resolve this litigation, subject to review and approval by the Commission,” SEC and Gemini attorneys said Monday in a filing in New York.

by Bloomberg

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In its landmark ruling in Owens, et al. v. FirstEnergy Corp., et al. (“FirstEnergy”), the U.S. Court of Appeals for the Sixth Circuit vacated the district court’s class‑certification order, clarifying a new standard for certifying a class in securities class actions. The court held that (1) the Affiliated Ute presumption applies only to cases primarily about omissions, not “mixed” cases involving both misrepresentations and omissions; and (2) district courts are instructed to conduct a rigorous, claim‑by‑claim analysis of plaintiffs’ damages methodology under Comcast, with attention to differences between Exchange Act and Securities Act damages.

The opinion formalizes a two‑step and four‑factor framework to identify whether a mixed case is primarily omissions-based. Learn more in this article by Bilal Shah and Jimmy McCutcheon of Secretariat.

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