File photo shows a WeWork office in New York City. The office-sharing giant on April 7, 2020 sued SoftBank claiming the technology investment group breached its contractual obligations by backing out of a US$3 billion rescue plan. — AFP pic
WeWork’s board of directors called the SoftBank action “a clear breach of its contractual obligations” under an agreement between the two firms last year as well as a breach of SoftBank’s fiduciary obligations to the firm’s current and former employees who were to sell their equity. The move by SoftBank marked a dramatic turn of events at troubled WeWork, once hailed as a shining unicorn valued at US$47 billion.
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WeWork sues Japan's SoftBank for backing out of dealThe struggling sharing-economy giant is asking the bank to live up to its US$3 bil rescue plan. FMTNews
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WeWork sues Japan's SoftBank for backing out of dealThe struggling sharing-economy giant is asking the bank to live up to its US$3 bil rescue plan. FMTNews
Source: fmtoday - 🏆 5. / 72 Read more »
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