Crowell & Moring Joins Over 55 of the Nation’s Leading Law Firms In Response to Investment Company Act Lawsuits Targeting the SPAC Industry

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. Over 55 of the nation’s leading law firms, including Crowell & Moring, signed onto a joint statement saying they 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 here.