Budding Circuit Consensus: SPAC Investors Can't Sue Over Acquired Company's Pre-Merger Misstatements

“At the time of [Lucid’s] alleged misrepresentations, CCIV and Lucid were two entirely separate companies,” the U.S. Court of Appeals for the Ninth Circuit held. “Lucid’s alleged misrepresentations made about itself cannot be imputed to another company that later acquired it.”

       

Author: News