The sponsor and directors of GO Acquisition Corp. were hit with a securities lawsuit Friday in New York Southern District Court on behalf of the company and its investors. The suit contends that GO Acquisition, a special purpose acquisition company, is operating in violation of the Investment Company Act of 1940 and that the individuals at its helm are manipulating the system to reap profits at the expense of shareholders. The suit, part of a new line of cases challenging SPACs, 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-07076, Assad v. Go Acquisition Corp. et al.
New York
August 23, 2021, 9:16 AM