Pershing Square Tontine Holdings, the special purpose acquisition company run by billionaire hedge-fund manager Bill Ackman, was hit with a shareholder lawsuit Tuesday in New York Southern District Court. The lawsuit, which seeks declaratory judgment that the SPAC is an investment company as defined by the Investment Company Act of 1940, is backed by Susman Godfrey and Bernstein Litowitz Berger & Grossman as well as former SEC commissioner Robert Jackson and Yale law professor John Morley. Counsel have not yet appeared for the defendants. The case is 1:21-cv-06907, Assad v. Pershing Square Tontine Holdings, Ltd. et al.
The suit comes on the heels of Pershing Square’s abandoned deal with Universal Music Group.
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