Not too long ago a purported shareholder of certain specific function acquisition firms (SPACs) initiated derivative lawsuits asserting that the SPACs are financial investment corporations under the Investment Organization Act of 1940, simply because proceeds from their initial general public offerings are invested in limited-term treasuries and qualifying revenue current market resources….
By: Skadden, Arps, Slate, Meagher & Flom LLP
New Shadow Trading Enforcement Lessons For Private Funds
The U.S. Securities and Trade Commission has a long historical past of adopting novel theories in litigation to encourage the courts to expand the scope of the federal insider investing rules. The SEC’s hottest effort will come in an Aug. 17 grievance, SEC v. Panuwat, filed in opposition to a […]
