Waitr never had the resources of rivals Grubhub and UberEats. But in November 2018 the online food ordering and delivery business went public through a merger with Landcadia Holdings.
Waitr tanked, losing 96 percent of its value in 2019 and triggering a class action lawsuit against the SPAC that acquired it, amidst claims that SPAC executives allegedly misled investors about the target’s business plan, as Bloomberg reports.
In what could turn out to be a precedent-setting case, a hearing in federal court is set for next month to determine to what extent SPAC sponsors can be held liable for failing to deliver. Read more.
