Lost money in WeWork Inc.?
OAKLAND, Calif .– (COMMERCIAL THREAD) – Shares of WeWork Inc. fell more than 5% in extended trading on December 1, 2021 after the company disclosed in an SEC filing that it would restate its financial results for 2020 and the top three quarters of 2021 due to a misclassification of Public Shares which led to “a significant weakness in the internal control of financial reporting“. Gibbs Law Group is studying a potential WeWork Securities Action Class Action on behalf of investors who lost money in WeWork (NYSE: WE).
To speak to a lawyer about this class action investigation, Click here or call (888) 410-2925.
In October 2021, WeWork went public through a special purpose âSPACâ acquisition merger with BowX Acquisition Corp. According to a Form 8-K filed by WeWork on December 1, 2021, a portion of the company’s previously issued public shares were incorrectly classified as “permanent equity” instead of “temporary equity.”
After consulting with BowX’s accounting firm on November 29, 2021, WeWork said the financial reports in question “should be restated to report all public shares as temporary equity” and that previous reports “should no longer be relied on.” .
Following the announcement of this classification error, the WeWork share price fell more than 5% as of December 1, 2021, causing significant damage to investors.
What Should WeWork Investors Do?
If you’ve invested in WeWork, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you might be able to recoup your losses. Our investigation focuses on whether WeWork has violated federal securities laws by providing false or misleading statements to investors.
About Gibbs Law Group
Gibbs Law Group represents investors nationwide in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duties and breaches of power of attorney. The firm has recouped over $ 1 billion for its clients against some of the world’s largest corporations, and our attorneys have received numerous accolades for their work, including “Best Lawyers in America,” “Best Plaintiff’s Lawyers in California “,” California Lawyer Attorney of the Year “,” Class Action Practice Group of the Year “,” Consumer Protection MVP “and” Top Women Lawyers in California “.
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