On March 31, 2023, Judge Ronnie Abrams of the United States District Court for the Southern District of New York dismissed a putative class action arising out of a SPAC transaction that resulted in a consignment-to-retail used car marketplace becoming publicly traded.  In re CarLotz, inc. Sec. Litig., 2023 WL 2744064 (S.D.N.Y. Mar. 31, 2023).  Plaintiffs asserted claims under the Securities Act of 1933 and the Securities Exchange Act of 1934 against the marketplace, the SPAC entity, and certain related entities and individuals, alleging that they made misrepresentations regarding the marketplace's business model.  Id. at *2.  The Court held that plaintiffs lacked standing to sue under either the Securities Act or Exchange Act, and accordingly dismissed the complaint while permitting plaintiffs leave to replead.
Source: Southern District Of New York Dismiss Putative Class Action Arising From SPAC Merger, Holding That Plaintiffs Lacked Standing