WeWork’s Adam Neumann Sues SoftBank Over Canceled Stock Deal
- Softbank accused of relying on pretexts to scuttle stock buy
- WeWork directors already sued Softbank over collapsed purchase
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WeWork co-founder Adam Neumann sued SoftBank Group Corp., its biggest investor, over the Japanese company’s decision to scuttle a $3 billion deal to buy stock from employees and other shareholders, that was part of an effort to bailout the struggling workplace provider.
Neumann, who was set to reap the biggest windfall from the transaction, claims SoftBank and its Vision Fund relied on legally faulty pretexts to renege on an agreement to purchase the shares as the conglomerate’s financial position weakened, according to a copy of the complaint reviewed by Bloomberg. The lawsuit, filed in the Delaware Chancery Court, couldn’t immediately be verified on the docket.