Lori W. Will partner with Wilson Sonsini Goodrich & Rosati. Coutesy Photo Shareholder Redemption Rights Claims Advance in New Chancery Court SPAC Decision
It's the second time Vice Chancellor Lori Will has denied a SPAC's motion to dismiss shareholders' breach of fiduciary duty claims, with her opinion holding claims against Silicon Valley-based GigCapital3 Inc.
January 04, 2023 at 03:36 PM
4 minute read
The original version of this story was published on Delaware Business Court Insider
A SPAC shareholder prevailed Wednesday morning when Vice Chancellor Lori Will decided his claims can move forward, rejecting the SPAC's attorneys' argument that Will's own precedential decision didn't apply.
It's the second time Will has denied a SPAC's motion to dismiss shareholders' breach of fiduciary duty claims, with her opinion holding claims against Silicon Valley-based GigCapital3 Inc., or Gig3, aligning with the one she wrote one year and one day earlier, addressing a motion to dismiss another SPAC, MultiPlan Corp. The shareholder plaintiff is represented by Grant & Eisenhofer.
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