Two manufacturing groups sued the Securities and Exchange Commission challenging a requirement that could force private companies to publicly release financial information when raising money.
An SEC rule prevents brokers from providing price quotes for stocks traded in over-the-counter markets unless the company makes financial information publicly available. The lawsuit argues the agency overstepped by expanding the rule in recent years to cover private companies issuing bonds and other fixed-income securities for resale to institutional investors.
The National Association of Manufacturers and the Kentucky Association of Manufacturers filed the lawsuit Tuesday in the US District Court for the Eastern District ...
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