Cooley Sued for ‘Tricking’ Biote Founder in SPAC Deal Gone South

Law firm Cooley LLP is being sued over a blank-check deal that a family trust says diluted its holdings in a medical company in favor of corporate insiders.

The lawsuit, filed Wednesday in Delaware Chancery Court, relates to the 2022 merger of hormone therapy company Biote Holdings with Haymaker Acquisition Corp. III. Haymaker is a special purpose acquisition company that raised more than $315 million to pursue a merger.

The suit alleges Cooley lawyers and other defendants, including the SPAC’s founders and company insiders, failed to disclose material aspects of the deal as it deteriorated. The law firm conspired ...