A blank-check company investor filed suit in Delaware against the financiers backing its reverse merger with EQRx, bringing the latest in a wave of court challenges that slam SPACs with rhetorical broadsides while asserting relatively narrow legal claims, Bloomberg Law reports.
The proposed class action, filed in Delaware Chancery Court, targets CM Life Sciences III — the SPAC—and its board, including principals of the investment firms that engineered the transaction, Casdin Capital and Corvex Management.
The lawsuit accuses them of wrongly planning to hold a single shareholder vote on the issuance of nearly 900 million new shares. Read more.
