Reported about 2 months ago
Jefferies Financial Group has filed a lawsuit against Rubicon Technologies for allegedly receiving restricted shares worth only $40,000 instead of the promised $7 million underwriting fee. The case underscores the decline in the SPAC market, with Rubicon's stock significantly dropping post-merger. Jefferies asserts that the shares it received were not registered with the SEC, hindering their trade. Rubicon, once recognized as the 'Uber of Trash,' has faced severe stock devaluation after being acquired in a 2022 SPAC deal.
Source: YAHOO