WeWork co-founder Adam Neumann has filed an additional lawsuit against SoftBank Group for pulling out of a proposed US $3 billion tender offer for the company’s shares.
The Israeli entrepreneur accused the Japanese conglomerate of abusing its power in the newly-filed lawsuit Monday, which also alleges breach of contract and breach of fiduciary duty, according to a report in online technology publication TechCrunch.
On April 1, citing the COVID-19 coronavirus’ impact on business, SoftBank Group removed its $3 billion tender for WeWork shares. It also pointed to certain conditions not being met, including “outstanding regulatory investigations a growing body of litigation against the company and the failure to restructure a joint venture in China as reasons to torpedo the agreement,” TechCrunch maintained.
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{Matzav.com}
