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Bill Ackman’s SPAC Calls Investor Claim That It’s Illegal ‘Fictional’

Bill Ackman

Bill Ackman

Photographer: Patrick T. Fallon/Bloomberg
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Bill Ackman’s Pershing Square Tontine Holdings Ltd. called investor claims that it’s operating illegally not just implausible, but “fictional,” and repeated a request that the shareholder’s lawsuit be thrown out.

Shareholder George Assad sued the blank-check company in August, less than a month after it abandoned plans for a deal with Universal Music Group, claiming it’s not a Special Purpose Acquisition Company, but an investment company and should be regulated as one.