WeWork officials, including co-founder and former Chief Executive Adam Neumann, ...
NEW YORK - WeWork officials, including co-founder and former Chief Executive Adam Neumann, are being sued by minority shareholders to recoup losses as the shared workspace provider pulled its initial public offering and saw its value plunge more than 87%.
In a proposed class action filed this week in San Francisco Superior Court, former WeWork employee Natalie Sojka accused the company’s board of directors of breaching its fiduciary duties to minority shareholders like her. The lawsuit is a new hurdle for WeWork, whose New York-based parent, the We Company, shelved its IPO on Sept. 30 after investors grew wary of its losses, its business model and its corporate governance. Neumann had resigned the previous week.
Major job cuts are expected, and Neumann’s former chief of staff sued him last week for pregnancy discrimination.She said that following her voluntary departure, she exercised stock options after being told WeWork intended to go public soon and the value of its stock would rise significantly.
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