Sen. Warren Backs SEC’s Tougher SPAC Plan to Curb ‘Scams and Fraud’

Elizabeth Warren is coming out in support of the US Securities and Exchange Commission’s proposed rules to regulate blank-check companies, urging more protections for individual investors who can fall prey to Wall Street, Bloomberg reports. 

In a letter to SEC Chair Gary Gensler on Friday, the Massachusetts senator said she backed the agency’s proposals for SPACs, “which will level the playing field for retail investors and prevent Wall Street insiders from perpetuating scams and fraud to line their own pockets.” Read more.

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SPACs Stand or Fall on Their Disclosures: Report

The SPAC boom has hit a major roadblock in the form of faulty disclosures, the law firm of Schiffer Hicks Johnson writes in an article for JDSupra. The recent deluge of SPAC litigation has mainly focused on these disclosures — specifically, disclosures made during the SPAC’s IPO as well as the de-SPAC transaction.