Dune Acquisition and its backers filed suit in Delaware, claiming brokerage platform TradeZero Holding duped them into a $556 million reverse merger before “trying to run out the clock on the transaction” and stick the blank-check company with the substantial cost of calling it off, Bloomberg reports.
The lawsuit accuses TradeZero and its senior leaders of defrauding Dune into the deal with bogus financial figures and “stonewalling” its request for an update before pulling a “last-minute bait and switch” that completely undermined the merger’s logic.
As announced last October, the deal valued the combined enterprise at $566 million. Read more.
