he lawyers whose action prompted billionaire investor William Ackman to make changes to his special purpose acquisition company (SPAC) are preparing to target dozens more such vehicles, CNBC reports, citing people familiar with the matter.
The group, which includes former SEC Commissioner Robert Jackson, filed lawsuits last week against three blank-check acquisition firms: GO Acquisition, E.Merge Technology Acquisition Corp and Ackman’s Pershing Square Tontine Holdings.
The lawsuits accuse the SPACs of operating illegally by not registering as investment companies. Ackman last week said the lawsuit against his SPAC was without merit, but acknowledged that the legal uncertainty hanging over it would make it tougher to find a merger partner. Read more.
