Join The Class Action Suit
Company: The We Company a/k/a WeWork
Kaskela Law LLC is investigating The We Company (“We Co.” or the “Company”), also known as WeWork, on behalf of investors.
On October 23, 2019, The Wall Street Journal published an article entitled “WeWork Employee Options Underwater as Ex-CEO Reaps.” According to the article, We Co.’s founder and CEO, Adam Neumann, “stands to receive up to $1.7 billion as part of a deal with SoftBank Group Corp. to step away from office-space startup WeWork.”
The article also reports that the deal with SoftBank “calls for SoftBank to buy WeWork’s private shares from investors and some employees at $19.19 each, a fraction of the $110 a share price reached in January, when WeWork was valued at $47 billion.” Further according to the article, “[f]ormer employees have privately expressed frustration that they exercised stock options when they left the company in the past few years, meaning they bought the stock at the grant price thinking that the stock’s value was worth much more, only to see it plummet recently.”
On November 15, 2019, Bloomberg reported that “WeWork is drawing scrutiny from the U.S. Securities and Exchange Commission over whether the co-working company violated financial rules in the run-up to its failed initial public offering,” and that the SEC’s “enforcement division is reviewing WeWork’s business and its disclosures to investors.”
Finally, on November 18, 2019, Reuters reported that the New York State Attorney General is investigating WeWork, including “whether WeWork’s founder and former chief executive, Adam Neumann, indulged in self-dealing to enrich himself.”
We Co. stockholders – including current investors who exercised stock options – are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or by completing the information form on this page, to discuss this investigation and their legal rights and options.