Harvard Corporate Governance Blog Publishes Akin Gump Article on Rise of SPAC Shareholder Lawsuits
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Harvard Law School Forum on Corporate Governance has published the article “Recent SPAC Shareholder Suits in New York State Courts: The Beginning Wave of SPAC Litigation.” First published as an Akin Gump client alert, the article discusses what could be “a surge of litigation and regulatory proceedings related to publicly traded special purpose acquisition companies (SPACs).”
The authors—litigation partners Douglas Rappaport and Jacqueline Yecies and counsel Stephanie Lindemuth—write that plaintiffs’ attorneys have “seized” on guidance from the Securities and Exchange Commission related to disclosure considerations for SPACs, “building an initial wave of New York state court shareholder lawsuits.”
Joined on the original client alert by corporate partner Alice Hsu and litigation partner Robert Pees, they note that, between last September and March, roughly three dozen SPACs were hit “with one or more shareholder lawsuits filed in New York state court.” The article then discusses why New York courts are the preferred venue for such suits.
To read the article in its entirety, please click here.
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