Law firm response to Investment Company Act lawsuits targeting the SPAC industry
Updated September 3, 2021
Recently a purported shareholder of certain SPACs initiated derivative lawsuits asserting that the SPACs are investment companies under the Investment Company Act of 1940. More than 60 law firms listed in a joint statement, including Davis Polk, view the assertion that SPACs are investment companies as without factual or legal basis. A copy of the full text of the joint statement is available at the link below.