Bill Ackman and his Pershing Square SPAC were on the receiving end of a “novel” lawsuit on Tuesday “that could have far-reaching implications for the SPAC industry.” The action argues that Ackman’s SPAC “isn’t an operating company, but is actually an investment company like Ackman’s funds, which should be regulated by the Investment Company Act of 1940.” As the deal underlying the suit—Ackman’s quest to take Universal Music public—is no more, expect defense efforts to focus on mootness......By: Robins Kaplan LLP.