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Pomerantz LLP is investigating claims on behalf of investors of WeWork Inc. (WeWork or the Company) (NYSE: WE). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.


GlobeNewswire Inc | Dec 19, 2021 07:46PM EST

December 20, 2021

NEW YORK, Dec. 19, 2021 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of WeWork Inc. (WeWork or the Company) (NYSE: WE). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether WeWork and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

On December 1, 2021, WeWork disclosed in a U.S. Securities and Exchange Commission filing that [i]n connection with the preparation of the financial statements as of September30, 2021, WeWork Inc. (the Company) reevaluated its application of Accounting Standards Codification (ASC)480-10-S99,Distinguishing Liabilities from Equity, to its accounting classification of the ClassA common stock subject to possible redemption (the Public Shares) issued as part of the units sold in the initial public offering by the Companys predecessor, BowX Acquisition Corp. (BowX). The Company had previously classified a portion of the Public Shares in permanent equity. Upon further evaluation, the Company determined that the Public Shares include certain redemption features not solely within the Companys control that, under ASC480-10-S99,require such shares to be classified as temporary equity in their entirety. Accordingly, WeWork advised that certain of its previously issued financial statements should not be relied upon and would be restated. In addition, WeWork disclosed that its management has concluded that, that in light of the classification error described above, there was a material weakness in internal control over financial reporting relating to the interpretation and accounting for certain complex features of the Public Shares.

On this news, WeWorks stock price fell sharply, damaging investors.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:Robert S. WilloughbyPomerantz LLPrswilloughby@pomlaw.com888-476-6529 ext. 7980







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