The investor should close the deal or compensate for losses, the startup owner believes.
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The owner of the WeWork coworking network, The We Company, filed a lawsuit against the Japanese holding SoftBank, which refused to buy an additional $ 3 billion in shares of the startup, Reuters reports.
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A special committee of The We Company decided that SoftBank violated its contractual obligations by refusing to purchase and placed its own interests above the interests of minority shareholders, including hundreds of former and current WeWork employees.
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The agreement was beneficial to the WeWork group of shareholders, including co-founder Adam Newman, the news agency notes. The contract was signed in October 2019 as one of the measures to support the company after its failed listing.
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In the lawsuit, the committee demanded that SoftBank either close the deal or compensate for losses due to breach of contract and failure to fulfill fiduciary obligations. The amount claimed by the plaintiff, the agency does not specify. A representative of SoftBank declined to comment.
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SoftBank is one of the largest investors and the main shareholder of the company. Its stake in WeWork in October 2019 was 80%. In 2019, the holding bought out a block of shares from Adam Newman and provided WeWork with financing in the amount of $ 5 billion.
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