Disgraced WeWork founder Adam Neumann is looking to sue SoftBank after the Japanese conglomerate walked away from a $3 billion tender offer to buy back the coworking firm’s shares.
This follows the news that the company itself would sue SoftBank, stating that the canceled tender offer was a breach of contract and its fiduciary duty. SoftBank cited criminal and civil investigations into WeWork as the primary reason for dropping the deal.
“Adam Neumann has also said that he intends to file a complaint,” said Erik Olson, SoftBank’s attorney. “There is no need for WeWork to allow its cash reserves to be used to finance an expensive lawsuit intended to generate material personal benefits for the Special Committee directors and the funds they control.”