Palantir SPAC Spree Draws Insider Trading Lawsuit Against Thiel

A pension fund sued Peter Thiel and other Palanthir Technologies Inc. board members over claims they made billions in insider trades while jacking up its stock price through a spree of reckless investments with doomed blank-check companies.

The shareholder lawsuit, made public late Monday, also targets company president Stephen Cohen and CEO Alex Karp, who co-founded Palantir with Thiel, its chairman. The suit says they drove the analytics business to invest hundreds of millions with special purpose acquisition companies in exchange for side deals they could use to report revenue they knew Palantir would never see.

Many of the SPACs, ...