We Co., the parent of WeWork, asked a judge to dismiss a lawsuit brought by two of its board members against SoftBank Group Corp. for reneging on a US$3-billion offer to buy the co-working company’s closely held shares.
We Co.’s independent board members Alex Dimitrief and Frederick Arnold said the company’s special committee — comprising Lew Frankfort and Benchmark’s Bruce Dunlevie — “does not and should not have the authority” to pursue the litigation in the name of We Co., according to a document filed in the Delaware Chancery Court.
We Co. declined to comment outside of the filing. Representatives for the special committee and for SoftBank didn’t have an immediate comment on the filing.
In May, WeWork co-founder Adam Neumann separately sued SoftBank for scuttling the US$3-billion tender offer, which was part of a bailout package from Masayoshi Son’s conglomerate after WeWork’s failed initial public offering last year.