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

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.