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SEC Proposes New Rules for SPAC IPOs and SPAC Business Combinations

USA - April 11 2022 On March 30, 2022, the Securities and Exchange Commission (SEC) published a proposal for new rules and amendments under the Securities Act of 1933 and…

Tobias B. Jacoby, Christopher Auguste, Michael J. Dell, Alan R. Friedman, Ilya Kontorovich, Amanda Webber

Delaware Supreme Court Holds That Seller’s Changes to Operations Because of COVID-19 Breached the Ordinary Course Covenant and Relieved Buyer of Its Obligation to Close

USA - December 21 2021 On Dec. 8, 2021, the Delaware Supreme Court in AB Stable VIII LLC v. MAPS Hotels and Resorts One LLC, No. 71, 2021 (Del. Dec. 8, 2021) affirmed the…

Jonathan M. Wagner, Christopher Auguste, Alan R. Friedman, Arthur H. Aufses III, Daniel Ketani, Shari Kahn Krouner, Todd E. Lenson, Thomas E. Molner, Jordan M. Rosenbaum

Sustained or Transitory? Delaware Court of Chancery Finds No MAE Absent Proof of Durationally Significant Effect on Business

USA - August 3 2021 Prior to the Delaware Court of Chancery’s opinion in Akorn, Inc. v. Fresenius Kabi AG, C.A. No. 2018-0300-JTL, 2018 WL 4719347 (Del. Ch. Oct. 1, 2018)…

Jonathan M. Wagner, Alan R. Friedman, Arthur H. Aufses III, Daniel Ketani, Ernest S.Wechsler

SEC Charges SPAC and Sponsor for Alleged Misrepresentations in Preliminary Proxy Filing Arising From Due Diligence Failures

USA - July 27 2021 On July 13, 2021, the Securities and Exchange Commission announced partially settled charges against the Special Purpose Acquisition Company Stable…

Jonathan M. Wagner, Christopher Auguste, Alan R. Friedman, Arthur H. Aufses III, Ilya Kontorovich, Gary P.Naftalis, Ernest S.Wechsler

An Ounce of Prevention: Delaware Court of Chancery Orders Specific Performance in Private Equity Deal Nearly a Year After Deal Collapse

USA - May 24 2021 After a year of expedited litigation, including five days of trial, on April 30, 2021, Chancellor (then Vice Chancellor) Kathaleen McCormick of the…

Jonathan M. Wagner, Alan R. Friedman, Alexander Gelb, Arthur H. Aufses III, Daniel Ketani, Ernest S.Wechsler