In a recent decision from the United States District Court for the Southern District of New York, a federal Judge pushed back against the common but abusive practice of "mootness fee" payoffs in public M&A deals.
In September 2021, in United Food and Commercial Workers Union v. Zuckerberg, the Delaware Supreme Court embraced the Court of Chancery’s suggestion that the analysis for evaluating.
On March 22, 2022, Skadden hosted a webinar on recent developments in Delaware corporate law. Litigation partners Edward Micheletti and Jenness Parker and litigation associate Lauren.
Key Points
Between September 2020 and March 2021, at least 35 SPACs have
been hit with one or more shareholder lawsuits filed in New York
state court.
These lawsuits generally allege that SPAC directors breached
their fiduciary duties to shareholders by providing allegedly
inadequate disclosures regarding proposed de-SPAC mergers. Some of
these lawsuits also assert claims against the SPAC itself, as well
as the target company and its board of directors, for allegedly
aiding and abetting the SPAC directors breaches.
Although these cases are in their early stages and assert
claims that are limited in scope, they signify that the
plaintiffs bar is actively monitoring and pursuing SPACs. As