Dune SPAC Sues TradeZero for ‘Outright Falsehoods’ About Merger

Dune Acquisition Corp. and its backers filed suit in Delaware, claiming brokerage platform TradeZero Holding Corp. duped them into a $556 million reverse merger before “trying to run out the clock on the transaction” and stick the blank-check company with the substantial cost of calling it off.

The lawsuit, made public late Wednesday, accuses TradeZero and its senior leaders of defrauding Dune into the deal with bogus financial figures and “stonewalling” its request for an update before pulling a “last-minute bait and switch” that completely undermined the merger’s logic.

Although transactions involving special purpose acquisition companies are the focus of ...