Key facts
- Nicholas Calamari, co-founder and chief legal officer of Better Home & Finance Holding Co., has been placed on administrative leave.
- Daniel Lewis has replaced Vishal Garg as interim CEO of Better.
- Better has filed a lawsuit against Vishal Garg, alleging violations of U.S. securities laws.
- Garg claims to have shareholder support to regain control of the company.
- The company's board cited over $1.5 billion in net losses since 2022 and a stock price decline of over 90% during Garg's tenure.
Better Home & Finance Holding Co. has placed co-founder and chief legal officer Nicholas Calamari on administrative leave, continuing a period of significant leadership upheaval. The company recently replaced founder and former CEO Vishal Garg with board member Daniel Lewis.
The confirmation of Calamari's leave follows a federal lawsuit filed by Better against Garg. The lawsuit accuses Garg of violating U.S. securities laws as part of an alleged "illegal, scorched-earth campaign" to regain control of the company and his former CEO position.
According to the lawsuit, Garg, shortly after his removal, sought to replace the board with his own appointees and reinstate himself as CEO. This move was announced on Aug. 3, when Better stated Garg had mutually agreed to step down but would remain on the board for the transition.
However, on Aug. 13, Garg asserted he was seeking to reclaim control, claiming majority shareholder backing and retaining attorney Alex Spiro. The Better board has opposed Garg's efforts, citing substantial financial losses and a significant decline in the company's stock price during his leadership.