Stem Brass Beat Shareholder Lawsuit Over SPAC Merger Claims (1)

Leadership of Stem Inc. and its blank-check merger’s sponsor overcame allegations that they misled investors surrounding a deal to make the energy storage company public, a federal judge said.

Judge Maryellen Noreika of the US District Court for the District of Delaware tossed claims that investors brought against current and former executives and directors at the battery firm and the special purpose acquisition company it used to become publicly traded. The judge overruled investors’ objections to a magistrate judge’s earlier recommendation to dismiss their allegations in her Monday opinion and order.

Investors alleged in their shareholder derivative action ...