P3 Health Sued by Board Members Over ‘Amateurish’ SPAC Merger

April 26, 2021, 6:24 PM

Two P3 Health Group Holdings LLC board members sued it in Delaware, seeking internal files to investigate its proposed merger with a “special purpose acquisition company” about which it has allegedly refused to release whole “categories of basic information.”

Although the deal is “potentially transformational,” company leaders have “acted in amateurish fashion and without regard to corporate governance” by failing to consider alternatives “and resorting to hastily called meetings (or no meetings at all) to make pivotal and binding decisions,” the complaint says.

The lawsuit, made public April 23 in Delaware Chancery Court, targets a proposed transaction—allegedly pushed by P3’s ...

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