FILE PHOTO: Adam Neumann, chief executive officer of U.S. co-working firm WeWork, speaks during a signing ceremony in Shanghai, China April 12, 2018. Picture taken April 12, 2018. Jackal Pan via REUTERS/File Photo
(Reuters) – WeWork co-founder Adam Neumann filed a lawsuit against Japan’s SoftBank Group Corp and its Vision Fund on Monday for terminating a $3 billion tender offer to the office-sharing startup’s shareholders.
The tender offer was part of a $9.6 billion rescue financing package that SoftBank agreed with WeWork in October and gave it control of the company. Since then, WeWork’s occupancy rates have plummeted amid the COVID-19 pandemic.
In April, SoftBank said it would not press ahead with the tender offer because several pre-conditions had not been met, frustrating WeWork’s minority shareholders, who were expecting a payout. The investors included Adam Neumann.
“The abuses committed by (SoftBank) and SBVF (SoftBank Vision Fund) are so brazen that