The raucous boom in special-purpose acquisition companies — which bankrolled takeovers that resulted in back-door public offerings for businesses seeking to sell everything from flying motorcycles to infrastructure in space — has 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.
Source: Billionaire Chamath Palihapitiya Joins SPAC Leaders Facing Lawsuits – Bloomberg
