The We Company - WeWork
ATTENTION FORMER EMPLOYEES OF WEWORK - Andrews & Springer LLC Is Investigating The We Company, Inc. For Potential Securities Fraud Violations and Breach of Fiduciary Duty
(Wilmington, DE) Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential securities violations and breach of fiduciary duty claims against The We Company, Inc. (“WeWork” or the “Company”).
On November 21, 2019, WeWork announced that it was going to lay off around 2,400 employees, nearly 20% of its workforce, in order to cut costs associated with the Company’s failed initial public offering (“IPO”) and Softbank’s massive $1.7 billion pay package given to WeWork’s founder, Chairman and CEO, Adam Neumann (“Neumann”).
In light of WeWork’s failed IPO and Neumann’s massive $1.7 billion pay package, New York’s Attorney General Letitia James has opened an investigation into WeWork.
Earlier this month, a former WeWork employee and current shareholder filed a shareholder class action and derivative complaint in the California Superior Court, San Francisco County, against WeWork and its board of directors (the “Board”) and Japanese conglomerate Softbank Group Corp. (“Softbank”). The complaint challenges Softbank’s $1.7 billion pay package given to Neumann following the Company’s failed IPO. Softbank stands to greatly benefit from the proposed transactions because it is increasing its stake in WeWork by buying up shares at depressed values which were created by the Board and Neumann’s wrongdoing.
If you are a former employee of WeWork who currently own shares of WeWork and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/wework-class-action-investigation/ or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.