Robbins Geller Rudman & Dowd LLP Launches SPAC Task Force

SAN DIEGO–(BUSINESS WIRE)–Robbins Geller Rudman & Dowd LLP (“Robbins Geller” or “the Firm”) has formed a dedicated comprised of experienced securities and M&A lawyers. Special purpose acquisition companies (“SPACs”), a type of blank check company, raise capital in an IPO for the sole purpose of using that capital to acquire businesses identified after the offering. SPAC offerings surged in 2020, raising more than $80 billion from investors. According to The , this trend has continued to accelerate, with an average of five new SPAC IPOs each business day in early 2021.

The blank check structure of SPACs creates significant conflicts of interest, while imposing less stringent disclosure requirements for target companies than a traditional IPO. Several high-profile SPAC offerings have resulted in serious allegations of fraud and misconduct, collectively costing billions of dollars in investment losses.

The Robbins Geller includes an experienced group of litigators and in-house investigators, forensic accountants, and economists dedicated to rooting out and prosecuting fraud on behalf of injured blank check company investors. Even before the latest uptick in blank check financing, Robbins Geller was on the front lines in seeking to hold wrongdoers accountable and to protect the rights of injured SPAC investors. For example, Robbins Geller developed and serves as court-appointed lead counsel in of the first securities class actions arising from the latest wave of blank check financing, In re Alta Mesa Resources Inc. Sec. Litig., No. 4:19-cv-00957 (S.D. Tex.). The Firm and its co-counsel recently defeated defendants’ motions to dismiss in their entirety in Alta Mesa.

“Robbins Geller is committed to assisting those victimized by fraud and corporate malfeasance in connection with SPAC investments,” said partner Brian E. Cochran.

Robbins Geller attorneys on the include Samuel H. Rudman, A. Rick Atwood, Jr., Danielle S. Myers, Brian E. Cochran, Maxwell R. Huffman, Jennifer N. Caringal, Michael Albert, and Juan Carlos Sanchez.

Robbins Geller is widely recognized as a leader in representing in securities litigation. ISS Securities Class Action Services has ranked Robbins Geller as of the top in the world in both amount recovered and total number of class action settlements for shareholders every year since 2010. The SCAS 2020 Top 50 ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other plaintiffs’ firm.

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Brian E. Cochran

Source: Businesswire – Robbins Geller Rudman & Dowd LLP Launches SPAC Task Force