(1) After filing for an IPO, a company, its executives and its underwriters are restricted from making certain public statements regarding its value, strategy, or forecasts. Instead, the SEC only allows them to discuss information already contained in public prospectus. This is called the quiet period. (2) After the IPO is priced, the underwriters wait 25 days before issuing research. This is still the quiet period. Officially, emerging growth companies are not subject to this quiet period rule, while other IPOs have a 10-day waiting requirement. However, investment banks generally observe the old 25-day quiet period through an abundance of caution.