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Most of the top transactional firms have made hay with SPACs over the past 18 months, and a lawsuit filed against a major one has dozens of firms weighing in.
August 27, 2021 at 03:54 PM
4 minute read
The original version of this story was published on American Lawyer
A lawsuit filed by investors against a major special-purpose acquisition company has gotten quite the reaction from Big Law, which has found SPACs to be lucrative business drivers over the past 18 months.
Pershing Square Tontine Holdings, the special purpose acquisition company run by billionaire hedge-fund manager Bill Ackman, was served with a shareholder lawsuit Aug. 17, where the plaintiffs are seeking a declaratory judgement that under the Investment Company Act of 1940, SPACs should be considered investment companies.
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