Recent SPAC Shareholder Suits in New York State Courts: The Beginning Wave of SPAC Litigation
By EsqSocial Corporation 13/04/21
Key Points - Between September 2020 and March 2021, at least 35 SPACs have been hit with one or more shareholder lawsuits filed in New York state court. - These lawsuits generally allege that SPAC directors breached their fiduciary duties to shareholders by providing allegedly inadequate disclosures regarding proposed de-SPAC mergers. Some of these lawsuits also assert claims against the SPAC itself, as well as the target company and its board of directors, for allegedly aiding and abetting...
By: Akin Gump Strauss Hauer & Feld LLP