The special committee on the board of The We Company, which operates office-sharing startup WeWork, has filed a lawsuit against its largest ...
WASHINGTON: Office-sharing giant WeWork on Tuesday sued SoftBank claiming the Japan-based technology investment group breached its contractual obligations by backing out of a US$3 billion rescue plan.
The complaint alleges SoftBank yielded to pressure from"activist investors" and made the move after it had"received most of the benefits" under the deal, including control of WeWork's board.Last week, SoftBank said it was terminating the agreement, claiming WeWork failed to live up to its obligations and cited"multiple, new, and significant pending criminal and civil investigations" surrounding WeWork and its co-founder Adam Neumann.
A WeWork board special committee said it"regrets the fact that SoftBank continues to put its own interests ahead of those of WeWork's minority stockholders." Things began to unravel last year as WeWork lost cash and cancelled its share offering, with Neumann pushed out - albeit with a generous package.
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