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...
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