WeWork is reportedly drawing scrutiny from the SEC after its failed attempt to go public
The office-sharing startup is facing federal scrutiny of its business, fundraising methods, and its disclosures to investors in the weeks leading up to its attempted IPO, Bloomberg reported, citing people familiar with the matter.
Bloomberg's report that the SEC inquiry is preliminary, and that it may not lead to any allegations of wrongdoing. It also notes the SEC has been known to "kick the tires" of embattled companies in the public eye. WeWork cancelled its planned IPO in late September shortly after ousting its chief executive, Adam Neumann, amid concerns from investors that the business wasn't as profitable as it initially claimed and that Neumann's controversial leadership style was putting the company's future in peril. WeWork was once privately valued at $47 billion, but that number has since fallen to a fraction of that and the company negotiated a rescue deal with SoftBank that gave the investor control.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
WeWork losses widen to $1.25 billion amid record office space expansionThe We Company, owner of WeWork, said on Wednesday net losses in the third quart...
Weiterlesen »
WeWork tells investors it lost $1.25 billion in the third quarterLosses were up more than 150% from last year as the company added a record number of desks.
Weiterlesen »
WeWork has been sending alarming non-compete letters to workers it laid off earlier this yearEmployment lawyers described WeWork's letters as aggressive.
Weiterlesen »
Soho House crashes WeWork club for rosy valuationsThe trendy members’ club has raised capital valuing it at $2 bln. Unlike the stricken office lessor, it can flaunt 25 years of history and rising profitability. Yet the heady price tag will only make sense if Soho House can keep expanding without sacrificing its exclusive appeal.
Weiterlesen »
WeWork burned through $1.3 billion in 3 months as it was trying to go public, reflecting the rapid growth ousted CEO Adam Neumann plannedThe company added a record number of desks in the third quarter, which contributed to over a $1.3 billion loss.
Weiterlesen »