Nextdoor, Khosla Shed Investor’s SPAC Merger Claims for Now (1)

Nextdoor Holdings Inc. and the company it merged with to go public in 2021 defeated investor claims that the two overhyped the number of active users of the neighborhood-based social media platform and average revenue generated from them, a federal judge ruled.

The investor lacks standing to sue for statements about Nextdoor before it went public, as he only bought shares of the special purpose acquisition company—Khosla Ventures Acquisition Co. II—three days before the merger, Judge Edward J. Davila of the US District Court for the Northern District of California said. The investor serving as lead plaintiff never owned Nextdoor ...