PERSHING SQUARE TONTINE HOLDINGS, LTD.

(PSTH)
Delayed Nyse  -  04:00 2022-07-25 pm EDT
20.14 USD   +0.05%
07/12PERSHING SQUARE TONTINE : Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination - Form 8-K
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07/12PERSHING SQUARE TONTINE HOLDINGS, LTD. : Other Events, Financial Statements and Exhibits (form 8-K)
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07/12Pershing Square Tontine to Shut Down After Failing to Complete Initial Business Combination
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George Assad Sues Pershing Square Tontine Holdings

08/17/2021 | 12:00am EDT

On, August 17, 2021, George Assad announced that, Pershing Square Tontine Holdings is not a proper special purpose acquisition company (SPAC), but rather an investment firm, a legal distinction that determines how SPACs can use its funding and compensate its founders. Further, George Assad complaint, filed in the U.S. District Court for the Southern District of New York, seeks a declaratory judgment that PSTH is an investment company and requests damages reflecting PSTH’s breach of fiduciary obligations under the Investment Company Act of 1940, a law that primarily regulates mutual funds that's stiffer than the rules that govern SPACs. In addition, George Assad alleges that PSTH dedicated most of its time to purchase the common stock of Universal Music Group. The lawsuit cites a PSTH document released on July 8 that describes how the company began its due diligence of Universal Music Group in October of 2020 three months after its IPO, and constantly engaged with the label group until the share purchase agreement was signed on June 20.


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Stocks mentioned in the article
ChangeLast1st jan.
UNIVERSAL MUSIC GROUP N.V. -0.09% 21.38 Real-time Quote.-13.64%
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Managers and Directors
William Albert Ackman Chairman & Chief Executive Officer
Benny Hakim Chief Financial Officer
Michael Gonnella Chief Financial Officer
Lisa Hall Gersh Independent Director
Michael Ovitz Independent Director
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