WeWork & # 39; s Adam Neumann sued over $ 1.7 billion package

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A WeWork shareholder has sued the company for nearly $ 1.7 billion (£ 1.3 billion) leaving the package approved for supported co-founders Adam Neumann. [19659005] Her lawsuit states that the money given to Neumann is "beyond comprehension" and is "inappropriate".

It accuses Neumann and the WeWork investor Softbank of abusing their control over the company to cancel the agreement at the expense of smaller shareholders.

WeWork called the allegations "meritless".

The suit marks the latest controversy over Neumann's relationship with the company. He resigned as CEO in September, after the company's attempts to raise money through a stock exchange flotation collapsed, in part because of questions over his management.

After dropping the flotation plans, WeWork accepted a financing package from SoftBank, which included the exit agreement for Neumann, which agreed to surrender most of its shares and leave the board.

WeWork is now trimming its business, with thousands of jobs expected. The value of the shares has plunged from previous investments to the latest financing.

It has told investors that it plans to sell businesses that are not part of the office rental business, such as Wavegarden, which makes indoor surfing pools. [1[ads1]9659005ThelawsuitwasfiledbySanFranciscoSuperiorCourtavNatalieSojkasomjobbetforcompanythishalf-yearandreceivedcontaineroftheirremuneration

She has proposed it as a complaint on behalf of herself and other minority shareholders.

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