C. Lee Wilson

Jones Day

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Latest Posts › Special Purpose Acquisition Companies (SPACs)

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Recent Motion-to-Dismiss Decisions Underscore Uncertain Litigation Prospects for SPAC Participants

The use of SPACs to take companies public increased dramatically in recent years, but many of these new companies performed poorly after entering the public capital markets. This poor performance, often accompanied by...more

7/15/2022 / Capital Raising , Class Action , Initial Public Offering (IPO) , Investment , Misrepresentation , Motion to Dismiss , Securities Litigation , Special Purpose Acquisition Companies (SPACs)

The SEC's New Proposed SPAC Rules: Death Knell or Much-Needed Guidance?

In 2020 and the first quarter of 2021, the use of special purpose acquisition companies ("SPACs") as a means of taking companies public grew exponentially. SPAC IPOs raised a total of more than $160 billion in that five...more

4/6/2022 / Capital Markets , Capital Raising , Initial Public Offering (IPO) , Investment , Publicly-Traded Companies , Securities and Exchange Commission (SEC) , Securities Regulation , Special Purpose Acquisition Companies (SPACs) , Target Company

Delaware Redemption Actions—A New Frontier in SPAC Litigation?

The Delaware Court of Chancery's application of the "entire fairness" standard in In re MultiPlan Stockholders Litigation is an important development for SPACs incorporated in Delaware, and it could result in more...more

1/12/2022 / Breach of Duty , Capital Raising , Entire Fairness Standard , Fiduciary Duty , Right of Redemption , Shareholder Litigation , Special Purpose Acquisition Companies (SPACs)

SPAC Founders, Beware: SEC Targets Founders Shares

The Securities and Exchange Commission ("SEC") charges a special purpose acquisition company ("SPAC"), its CEO, and sponsor, as well as the merger acquisition target, with securities law violations, resulting in significant...more

7/21/2021 / Enforcement Actions , Investment , Misrepresentation , Securities and Exchange Commission (SEC) , Securities Regulation , Securities Violations , Special Purpose Acquisition Companies (SPACs)

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