Billionaire hedge fund manager Bill Ackman said his blank-check acquisition company is not an investment firm that needs to register with U.S. regulators, pushing back against a lawsuit that alleges that his Pershing Square Tontine Holdings has improperly invested in securities, Reuters reports.
“PSTH has never held investment securities that would require it to be registered under the Act, and does not intend to do so in the future,” Ackman said in a statement, referring to the Investment Company Act of 1940 and the Investment Advisers Act of 1940, longstanding market regulatory laws.
“We believe this litigation is totally without merit,” he added.
The lawsuit contends that Ackman’s SPAC – the largest ever formed – has acted like an investment company rather than a SPAC that is exempt from the registration requirement. Read more.
