Since the Delaware Court of Chancery’s January 2022 decision in In re MultiPlan Corp. Stockholders Litigation,1 plaintiffs in Delaware had enjoyed a long and unbroken string of motion to dismiss victories in suits alleging that the directors and sponsors of a special purpose acquisition company (“SPAC”) breached their fiduciary duties by making misleading disclosures in advance of a de-SPAC transaction.
Source: Takeaways From the Delaware Court of Chancery’s First Dismissal of MultiPlan-style SPAC Challenge