WeWork Seeks Lawsuit Dismissal
The We Company has asked a judge to throw out a lawsuit brought by two board members who are suing SoftBank for backing out of its $3 billion tender offer as part of a bailout package for the New York-based company.
According to the We Company’s board members Alex Dimitrief and Frederick Arnold, the special committee does not have the authority to move forward with the lawsuit in the name of the company.
“An entirely independent committee of directors who have no affiliation with SoftBank conducted a thorough review and concluded that the members of the special committee never had the authority and should not have authority to act for WeWork,” said a SoftBank spokesperson. “WeWork investors have benefited immensely from SoftBank’s investment.”
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This news comes on the heels of multiple other lawsuits the We Company and SoftBank are facing, including one from former co-founder CEO Adam Neumann, who sued the Japanese conglomerate for walking back on the tender offer in April as well.
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