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Home Daily Digest Business

WeWork Reveals Misstatement In Financial Statements

WeWork has announced that it must edit its financial statements for three quarters after finding that it had misclassified a portion of its public shares.

Aayat AlibyAayat Ali
December 2, 2021
in Business
Reading Time: 1 min read
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WeWork has revealed that it must edit its financial statements for three quarters, a floundering start for the newly public company.   

According to the company, it had misclassified some of its public shares, which were previously referred to as permanent equity. However, they were meant to be classified as temporary equity. 

As the company prepared its financial statements through September 30, WeWork reevaluated an accounting classification of Class A common stock that were issued as part of units sold in the IPO by BowX Acquisition Corp. This led the firm to find that the shares should not have been classified as “permanent equity.” 

The coworking firm also said its management found “a material weakness in internal control over financial reporting relating to the interpretation and accounting” for a portion of its shares. 

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The news was announced in a filing with the Securities and Exchange Commission earlier this week and just around a month after the company went public. 

WeWork has worked to remedy its reputation over the last several years, but this misstatement is a huge blunder in these efforts. 

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Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

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