The unwinding of the blank-check stock frenzy, one of the hottest pandemic-era trends on Wall Street, is now playing out on a different stage: the courtroom, Bloomberg reports.
The raucous boom in SPACs has also spawned a wave of litigation, with dozens of cases filed by burned investors working their way through court.
In the last few months alone, they’ve taken aim at some of the most well-known operators: Chamath Palihapitiya,the former Facebook executive who became the public face of the SPAC mania; billionaire Alec Gores; Bill Foley, owner of the NHL’s Las Vegas Golden Knights hockey team; and British entrepreneur Richard Branson. Read more.
