Key facts
- Better Home & Finance Holding Co. filed a federal lawsuit against former CEO Vishal Garg.
- The lawsuit alleges Vishal Garg violated U.S. securities laws.
- Garg is accused of coordinating shareholders without timely disclosures.
- Garg is also accused of soliciting support without required filings.
- Better seeks court orders to compel accurate filings.
- Better seeks court orders to invalidate gathered consents.
- The lawsuit targets actions taken by Garg prior to his departure.
Better Home & Finance Holding Co. has initiated a federal lawsuit against its former Chief Executive Officer, Vishal Garg. The company alleges that Garg engaged in violations of U.S. securities laws. Specifically, Better claims Garg coordinated with shareholders without providing timely disclosures and solicited their support without submitting the necessary required filings. The lawsuit seeks judicial intervention in the form of court orders. These orders are intended to compel Garg to make accurate filings and to invalidate any consents he may have gathered from shareholders. The legal action targets actions taken by Garg during his tenure and potentially leading up to his departure from the company. The core of the complaint revolves around alleged failures to adhere to transparency and procedural requirements mandated by securities regulations.