Recently, the existence and properties of unbounded cavity modes, resulting in extensive plastic deformation failure of two-dimensional sheets of amorphous media, were discussed in the context of the athermal shear-transformation-zones (STZ) theory. These modes pertain to perfect circular symmetry of the cavity and the stress conditions. In this paper we study the shape stability of the expanding circular cavity against perturbations, in both the unbounded and the bounded growth regimes (for the latter the unperturbed theory predicts no catastrophic failure). Since the unperturbed reference state is time dependent, the linear stability theory cannot be cast into standard time-independent eigenvalue analysis. The main results of our study are as follows: (i) sufficiently small perturbations are stable; (ii) larger perturbations within the formal linear decomposition may lead to an instability; this dependence on the magnitude of the perturbations in the linear analysis is a result of the nonstationarity of the growth; and (iii) the stability of the circular cavity is particularly sensitive to perturbations in the effective disorder temperature; in this context we highlight the role of the rate sensitivity of the limiting value of this effective temperature. Finally we point to the consequences of the form of the stress dependence of the rate of STZ transitions. The present analysis indicates the importance of nonlinear effects that were not taken into account yet. Furthermore, the analysis suggests that details of the constitutive relations appearing in the theory can be constrained by the modes of macroscopic failure in these amorphous systems.