Better Home investigates former CEO claims
- Better Home & Finance (NASDAQ:BETR) opened an investigation into allegations involving director and former CEO Vishal Garg.
- The company said the allegations involve claims that company interests or property were offered in exchange for shareholder consents.
- Better’s Special Committee recommended shareholders revoke prior consent and return the company’s WHITE consent revocation card.
Better Home & Finance (NASDAQ:BETR) opened an investigation into allegations that director and former CEO Vishal Garg sought to exchange company interests and property for shareholder consents supporting his proposal to replace the board.
The company said the allegations were brought forward by independent counsel for a former employee and, if substantiated, could involve potential breaches of fiduciary duties.
Better’s Special Committee said directors are required to act in the company’s interests and stated that the alleged conduct could affect the company’s ability to maximize the value of certain assets and claims.
The Special Committee unanimously recommended that shareholders sign, date, and return the company’s WHITE consent revocation card while disregarding any green consent card received from Garg.
The company said shareholders who previously submitted a green consent card can revoke that consent by submitting the WHITE consent revocation card.
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