A special purpose acquisition company’s investor says in Delaware Chancery Court that the SPAC’s managers misled shareholders about a $16 billion merger with United Wholesale Mortgage so that they could reap a return from what turned out to be an ‘abysmal’ deal, according to Law 360.

The mortgage company merged with Gores Holdings IV in January 2021. At an enterprise value of $16.1 billion, it was the largest SPAC deal to-date. Read more.

Source: SPAC Investor Sues Over ‘Abysmal’ B Mortgage Biz Merger