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Leading Law Firms Respond to Investment Company Act Lawsuits Targeting the SPAC Industry

Client memorandum | August 27, 2021

Recently a purported shareholder of certain special purpose acquisition companies (SPACs) initiated derivative lawsuits asserting that the SPACs are investment companies under the Investment Company Act of 1940. Today, over 55 law firms, including Fried Frank, issued a joint statement in response to these lawsuits. The law firms view the assertion that SPACs are investment companies as without factual or legal basis. Here is a link to the joint statement for more detail.

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