A SPAC shareholder prevailed Wednesday morning when Vice Chancellor Lori Will decided his claims can move forward, rejecting the SPAC’s attorneys’ argument that Will’s own precedential decision didn’t apply.
It’s the second time Will has denied a SPAC’s motion to dismiss shareholders’ breach of fiduciary duty claims, with her opinion holding claims against Silicon Valley-based GigCapital3 Inc., or Gig3, aligning with the one she wrote one year and one day earlier, addressing a motion to dismiss another SPAC, MultiPlan Corp. The shareholder plaintiff is represented by Grant & Eisenhofer.
