<P> In addition to the extensive international evidence that auctions have not been popular for IPOs, there is no U.S. evidence to indicate that the Dutch Auction fares any better than the traditional IPO in an unwelcoming market environment . A Dutch Auction IPO by WhiteGlove Health, Inc., announced in May 2011 was postponed in September of that year, after several failed attempts to price . An article in the Wall Street Journal cited the reasons as "broader stock - market volatility and uncertainty about the global economy have made investors wary of investing in new stocks". </P> <P> Under American securities law, there are two time windows commonly referred to as "quiet periods" during an IPO's history . The first and the one linked above is the period of time following the filing of the company's S - 1 but before SEC staff declare the registration statement effective . During this time, issuers, company insiders, analysts, and other parties are legally restricted in their ability to discuss or promote the upcoming IPO (U.S. Securities and Exchange Commission, 2005). </P> <P> The other "quiet period" refers to a period of 10 calendar days following an IPO's first day of public trading . During this time, insiders and any underwriters involved in the IPO are restricted from issuing any earnings forecasts or research reports for the company . When the quiet period is over, generally the underwriters will initiate research coverage on the firm . A three - day waiting period exists for any member that has acted as a manager or co-manager in a secondary offering . </P> <P> Not all IPOs are eligible for delivery settlement through the DTC system, which would then either require the physical delivery of the stock certificates to the clearing agent bank's custodian, or a delivery versus payment (DVP) arrangement with the selling group brokerage firm . </P>

What is the quiet period after an ipo
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