Bragar Eagel & Squire, PC Investigates WeWork Inc. on Behalf of WeWork Shareholders and Encourages Investors to Contact the Company

NEW YORK, December 7, 2021 (GLOBE NEWSWIRE) – Bragar Eagel & Squire, PC, a nationally recognized law firm, is investigating potential claims against WeWork Inc. (“WeWork” or the “Company”) (NYSE: WE) on behalf of the shareholders of WeWork. Our investigation focuses on whether WeWork has violated federal securities laws and / or engaged in other illegal business practices.

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On December 1, 2021, WeWork disclosed in a US Securities and Exchange Commission filing that “[i]As part of the preparation of the financial statements as at September 30, 2021, WeWork Inc. (the “Company”) has reassessed its application of the Codification of Accounting Standards (“ASC”) 480-10-S99, Distinguishing Liabilities from Equity , to its accounting classification of class A ordinary shares subject to a possible repurchase (the “public shares”) issued within the framework of the units sold within the framework of the initial public offering by the predecessor of the company, BowX Acquisition Corp. (“BowX”). The Company had previously classified a portion of the public shares as permanent equity. After further evaluation, the Company determined that the Public Shares included certain redemption features which are not solely under the control of the Company and which, under ASC 480-10-S99, require such shares to be classified as temporary equity in its entirety. As a result, WeWork has indicated that some of its previously released financial statements should not be relied upon and would be restated. In addition, WeWork disclosed that its management concluded that in light of the classification error described above, there was a material weakness in internal control over financial reporting regarding the interpretation and recognition of some complex characteristics of public actions.

The stock fell more than 5% in extended trading after the disclosure.

If you have purchased or acquired WeWork shares and suffered a loss, are a long-time shareholder, have information, want to know more about these claims or have questions regarding this announcement or your rights or interests in them. questions, please contact Brandon Walker or Alexandra Raymond by email at [email protected], by phone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation for you.

Contact details:

Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
[email protected]

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