An investor sued Volta yesterday — the same day shareholders approved its $169 million sale to Shell — over concerns that insiders may have engineered an earlier blank-check deal to give themselves a windfall at everyone else’s expense, Bloomberg reports.
The lawsuit seeks internal files from Volta to investigate allegations that the lopsided structure of its 2021 merger with Tortoise Acquisition II drove the deal’s backers to dupe public investors into participating. The claims echo a familiar refrain at the heart of dozens of other similar cases brought in recent years.
Tortoise II shareholders approved merging with the electric charging network in August 2021, although 70% of the SPAC’s stock was redeemed before the deal was done. Read more.
