WeWork Class Action Investigation
Girard Sharp is investigating potential violations of state and federal law by WeWork and its prime investor, Japan’s SoftBank, following the recent buyout of ousted CEO Adam Neumann, and the cancellation of WeWork’s IPO. According to reports, the failed IPO caused WeWork to sustain a significant drop in value.
In January 2019, WeWork announced that it was rebranding itself as The We Company and stated its valuation as $47 billion. In August 2019, the company announced its plans to go public, but drew sharp public criticism for its governance, share structure, and finances, among other things. In September 2019, the company cancelled its planned IPO.
Shortly thereafter, Neumann resigned his CEO position. At the same time, SoftBank agreed to take a controlling position in the company in a transaction that valued the company at about $8 billion. The Wall Street Journal estimated the total value of Neumann’s termination package at $1.7 billion, calling it a “windfall.”
WeWork Stockholder? You May Have a Claim.
If you are a current or former WeWork shareholder and believe you have been harmed, you may have a claim. Protect your rights and contact a Girard Sharp securities attorney for a free and confidential case consultation by calling toll-free at (866) 981-4800 or by filling out the form below:
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For a free consultation about your potential claims, contact one of our investment fraud attorneys at (866) 981-4800.