Delaware Court Of Chancery Sustains Class Action Claims For Breaches Of Fiduciary Duties And Aiding And Abetting Arising From Alleged Omissions In SPAC Merger Proxy
Shearman & Sterling
JANUARY 11, 2022
On January 3, 2022, Vice Chancellor Lori W. Will of the Delaware Court of Chancery largely denied a motion to dismiss a putative class action brought by the stockholders of Churchill Capital Corp. III, a special purpose acquisition company or "SPAC" ("Churchill") alleging that the company's controlling stockholder, officers, and directors ("the Company Defendants") breached their fiduciary duties and the company's financial advisor aided and abetted that breach
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