WeWork Board, SoftBank Let Stock Value Decline Significantly Allege Investors
Real estate application WeWork has become famous for all the wrong reasons. The company's decision to cancel its iPO took investors and industry watches by storm. Then, SoftBank, WeWork's primary investor was forced to bail the company out and report a $8.4 billion loss. Now, former WeWork employee and minority investor Natalie Sojka is suing the company in a class action lawsuit. Take a look below for more details.
In a suit filed in the California superior court, Natalie Sojka as a part of a class action, is suing WeWork's board and SoftBank chairman Masayoshi Son for breaching fidicuary duties. The suit faults WeWork's management for letting SoftBank slide in and bail the company out through a package that gave the bank an 80% stake in the company.