Daily Archives: June 28, 2022, 8:04 am

Trump SPAC faces grand jury investigation – The Washington Post

The company that plans to merge with former president Donald Trump’s social media company has received subpoenas from a federal grand jury, a setback that could complicate Trump’s plans to bring his company to the public markets. The company, known as Digital World Acquisition Corp., revealed the subpoenas in a Securities and Exchange Commission filing dated June 24 and warned…

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SPACs wipe out half of their value as investors lose appetite for risky growth stocks

The proprietary CNBC SPAC Post Deal Index, which is comprised of SPACs that have completed their mergers and taken their target companies public, has fallen nearly 50% this year. The losses more than doubled the S&P 500?s 2022 decline as the equity benchmark fell into a bear market. Appetite for these speculative, early-stage growth names with little earnings has diminished in…

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Ernst & Young to Pay $100 Million Penalty for Employees Cheating on CPA Ethics Exams and Misleading Investigation

The Securities and Exchange Commission today charged Ernst & Young LLP (EY) for cheating by its audit professionals on exams required to obtain and maintain Certified Public Accountant (CPA) licenses, and for withholding evidence of this misconduct from the SEC’s Enforcement Division during the Division’s investigation of the matter. EY admits the facts underlying the SEC’s charges and agrees to…

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