WeWork, Execs Hit With Derivative Suit After SoftBank Rescue
Law360 (November 8, 2019, 10:53 PM EST) -- A proposed class of minority shareholders has sued WeWork and the Japanese conglomerate SoftBank Group Corp., as well as executives at both companies, alleging they are shortchanging the minority shareholders with the execs' "self-interested transactions" as the workspace sharing company flounders.
The minority investors, led by Natalie Sojka, filed a derivative suit in California court on Nov. 4, alleging that WeWork, formally known as the We Co., has been "ruined" by founder and ex-CEO Adam Neumann and others. Moreover, they say, Neumann and SoftBank are actually profiting from the mismanagement of the company.
"Neumann has recently abused his control of the...
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