Lion Electric’s SPAC Co-founder Beats Investor Merger Claims (1)

The co-founder of a special purpose acquisition company defeated investor allegations that he helped release a misleading proxy statement for its deal to take electric vehicle maker Lion Electric Co. public in 2021, a federal judge ruled.

Michael Hoffman’s status as a “proxy solicitor” for Northern Genesis Acquisition Corp. isn’t sufficient by itself to support an inference that he acted negligently, Judge Jennifer L. Rochon of the US District Court for the Southern District of New York said, dismissing the proposed class action’s claims against him with finality.

The investor didn’t allege that Hoffman, who was president of Northern Genesis, ...