Investors in Bill Ackman’s Pershing Square Tontine Holdings — some recruited through a Reddit forum — rallied to defend the world’s largest SPAC against claims by fellow shareholder George Assad that it was operating illegally, Bloomberg reports.
A group of 62 investors holding almost 1.3 million shares filed court papers in support of the SPAC’s bid to dismiss a lawsuit by Assad, who sued in August after the company abandoned plans for a deal with Universal Music Group. Assad alleged that Pershing Square Tontine isn’t a SPAC and that it should be regulated under the Investment Company Act of 1940, which would require registration with the SEC. Read more.
