Ackman SPAC Can't Lean On SEC To Beat Suit, Investor Says

By Dean Seal (November 30, 2021, 9:50 PM EST) -- An investor challenging the legality of hedge fund titan Bill Ackman's special purpose acquisition company says the blank-check company can't keep asking the court to assume that its structure has been approved by the U.S. Securities and Exchange Commission.

George Assad urged a New York federal court on Monday not to dismiss derivative litigation claiming Pershing Square Tontine Holdings Ltd. is actually an unregistered investment company masquerading as a traditional SPAC, and that Ackman's hedge fund, Pershing Square Capital Management, is serving as its investment adviser.

The Pershing Square SPAC, four of its directors and several related entities said in early...

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