A Virgin Galactic logo can be seen outside the building on the company's first day of trading on the New York Stock Exchange (NYSE) on October 28, 2019 in New
After warning investors of a major market shift in November 2021, billionaire Chamath Palihapitya says that the stock market is already in the process of…
Introduction
The special purpose acquisition company (SPAC) boom has hit a major roadblock in the form of faulty disclosures. The recent deluge of SPAC litigation has mainly focused on these disclosures specifically, disclosures made during the SPAC’s initial public offering as well as the de-SPAC transaction (wherein a SPAC purchases a private company, making it public). One recent lawsuit naming the so-called “King of SPACs,” Chamath Palihapitya, focused on a number of allegedly misleading and fraudulent statements made in the SPAC’s Form S-4 Registration Statement.
[1] Another, a class involving LiDAR technology intended for use in autonomous vehicles, targeted statements made in the SPAC’s 10-Q concerning various aspects of the company’s performance.