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Global: SPACs and Litigation: Hot Topics

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Deals involving SPACs have drawn much attention in recent years due to numerous advantages, including the availability of already-raised capital and a quicker timeline than the standard IPO process. At the same time, the surge of transactions has drawn concern from the SEC and attention from the plaintiff’s bar.

In conjunction with ACC Southern California Chapter, Baker McKenzie partners, Derek Liu, Perrie Weiner, Michelle Heisner and Steve Canner give a primer on de-SPAC transactions as a pathway for private companies to access the public markets, discuss current market trends and some of the regulatory and litigation risks associated with this deal structure.

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Steven Canner is a member of the Firm’s Global Corporate and Securities Practice Group in New York. For over 25 years, he has been counseling clients with respect to cross-border and US domestic mergers, acquisitions, joint ventures, private equity and venture capital transactions, as well as corporate reorganizations. Mr. Canner also focuses his practice on public and private securities offerings and securities laws compliance matters. He acts as outside general counsel to a number of international companies, assisting them with their day to day legal concerns.

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Michelle Heisner is a member of the Firm's Global Corporate and Securities Practice Group. Michelle's industry experience includes clients in the energy, telecommunications, financial services, and technology sectors. Earlier in her career, Michelle worked as an M&A attorney at a leading global law firm at its offices in New York, Australia and Washington, DC.

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Derek Liu is a partner in Baker McKenzie's San Francisco office. Derek handles mergers and acquisitions, and other complex corporate transactions, and has signed transactions with an aggregate transaction value of more than USD 110 billion. Prior to joining Baker McKenzie, Derek practiced at two top-tier firms in San Francisco and New York.

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"I work with a lot of lawyers – in my view, none rise to Baker’s level of service, competence and favorable results. Perrie Weiner is the standout partner." – 2022 Legal 500 US "Perrie is an exceptional attorney, problem solver and team leader." – 2021 Chambers USA Perrie M. Weiner is the partner in charge of Baker McKenzie's Los Angeles office and Chair of the Firm's North America Securities Litigation Group. With over 30 years of experience, Perrie's practice focuses primarily on securities class action and shareholder derivative litigation, and SEC enforcement matters. He is acknowledged as the "go-to advocate for hedge funds facing complex suits and CEOs squaring off against the US Securities and Exchange Commission,” (Law 360). His practice also includes "high stakes" complex business litigation. Perrie has been approved by American International Group, Inc. (AIG) and XL Group PLC, as one of the few lawyers in California to represent directors and officers in securities and other complex (class action) litigation matters. He is also recognized as a leading individual in Litigation: Securities in California by Chambers USA (2021 and 2022), and was a key player in growing and leading the Firm's North America Securities Litigation Group, which was ranked a top tier in the 2021 and 2022 US Legal 500. The LA Business Journal named him a Leader of Influence: Litigators & Trial Lawyers since 2019, and a Top 100 Lawyer in 2022, as well as one of the Top 500 most influential people in LA, in 2022, and the Daily Journal recognized him as one of California's Top Mega-Rainmakers. He received the Albert Nelson Marquis Lifetime Achievement Award and the Wiley W. Manuel Award for his pro bono legal work. Perrie also has been repeatedly selected for inclusion in Super Lawyers and LawDragon's Leading Lawyers in America.

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