A shareholder has sued Bill Ackman’s blank-check company, claiming it acted like an investment company and should be governed as such. Clearer regulatory guidelines would help, but for now some managers will be deterred, TheRealLSL writes.
Bill Ackman’s blank-check company Pershing Square Tontine Holdings was sued by an investor, George Assad, according to a lawsuit filed on Aug. 17 in U.S. federal court in New York. The lawsuit says Ackman's special-purpose acquisition company acted like an investment company rather than a SPAC and was required to register as an investment advisor under the Investment Company Act of 1940 and the Investment Advisers Act of 1940.
The lawsuit pits Ackman against Robert Jackson, a law professor and former commissioner of the U.S. Securities and Exchange Commission, who will be arguing the case along with John Morley, a professor at Yale Law School. Ackman said in a statement on Aug. 17 that the company “has never held investment securities that would require it to be registered under the Act, and does not intend to do so in the future."Bill Ackman, CEO of Pershing Square Capital, speaks at the Wall Street Journal Digital Conference in Laguna Beach, California, U.S., October 17, 2017.
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