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Delaware Court of Chancery denied motion to dismiss class action alleging directors and sponsor of special-purpose acquisition company breached fiduciary duties by depriving SPAC’s public stockholders of information material to decision whether to redeem stock before merger.
House Financial Services Committee cleared two proposals in connection with SPAC transactions. The first bars investment advisors from marketing SPACs to retail investors; the second excludes certain SPACs from safe harbor protection in place for forward-looking statements.