Investors Allege Ackman's SPAC Dodged Registration Rules

By Tom Zanki (August 17, 2021, 6:18 PM EDT) -- Investors sued hedge fund giant Bill Ackman's special purpose acquisition company in federal court Tuesday, alleging the massive SPAC avoided registering as an investment company in order to illegally compensate insiders through securities on generous terms unavailable to the public.

Led by shareholder George Assad, the investors are asking a judge to declare that Ackman's SPAC Pershing Square Tontine Holdings Ltd. be deemed an investment company and that his hedge fund, Pershing Square Capital Management, be considered the SPAC's investment adviser under federal securities laws, according to a suit filed in the U.S. District Court for the Southern District of New...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!