US company CEO who fired 900 employees over Zoom call now faces legal hurdle to reclaim his job
Better Home & Finance has filed a lawsuit in a New York court to prevent founder Vishal Garg from seeking shareholder support for at least 30 days. The board removed Garg as CEO on August 3 following multiple issues such as a $1.5 billion loss since 2022 and a sharp decline in stock price. Garg has proposed returning for a salary of $1 a year and demanding the resignation of five directors and Lewis as CEO.
The lawsuit alleges that Garg violated federal securities laws by making misleading statements and gathering approval without filing required proxy disclosures.
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