Reuters
Ackman says SPAC does not need to be registered, pushes back on lawsuit
BOSTON (Reuters) -Billionaire hedge fund manager William Ackman said on Tuesday his blank-check acquisition company is not an investment firm that needs to register with U.S. regulators, pushing back against a lawsuit that alleges that his Pershing Square Tontine Holdings has improperly invested in securities. “PSTH has never held investment securities that would require it to be registered under the Act, and does not intend to do so in the future,” Ackman said in a statement, referring to the Investment Company Act of 1940 and the Investment Advisers Act of 1940, longstanding market regulatory laws. “We believe this litigation is totally without merit,” Ackman, who runs hedge fund firm Pershing Square Capital Management, added.