WeWork Failed IPO

Technology • Internet & Web
WeWork’s Adam Neumann sues SoftBank over canceled $3 billion stock deal

WeWork co-founder Adam Neumann sued SoftBank, its biggest investor, over the Japanese company’s decision to scuttle a $3 billion deal to buy stock from employees and other shareholders.

Bloomberg reports Neumann contends that SoftBank Group relied on legally faulty pretexts to renege on its agreement to buy the office-sharing company’s stock as the conglomerate’s financial position weakened, according to a copy of the complaint.