Lawsuits & SEC Actions
The regulatory reckoning came â just years too late. Billions lost before the first enforcement action.
SCA Settlements
29
2022â2024
Total Settled
$540M
Largest Fine
$125M
Nikola / Milton
Verdict
Too Late
Damage was done
Class Action Settlements by Year
SEC Enforcement & Regulatory Actions
Nikola / Trevor Milton
4 years prison + $125M settlement
$125M
Lordstown Motors
Investigation, shareholder lawsuits
Marcum LLP
Major SPAC auditor settlement
All SPACs
New enhanced disclosure rules, Investment Company Act guidance
Alta Mesa / Riverstone
Record $126.3M settlement â SPAC sponsor Riverstone misled investors on oil reserves
$126M
Grab Holdings / Altimeter Growth
$80M settlement â revenue shortfall after SPAC merger
$80M
Lordstown Motors auditor (Clark Schaefer Hackett)
$80K civil penalty for audit failures
$0M
Too Little, Too Late
The SEC proposed new SPAC rules in March 2022 â after 613 SPACs had already launched in 2021. Final rules came in 2024, by which time most damage was done. $305.5M in settlements sounds large until you realize $46B+ in equity was destroyed.