- Better Home & Finance is suing its founder Vishal Garg, accusing him of launching a campaign to forcibly retake control of the company.
- Garg was ousted as chief executive on 3 August after the board cited net losses exceeding $1.5 billion since 2022 and a stock price drop of over 90 per cent.
- The lawsuit alleges Garg violated federal securities laws by making misleading statements to assemble a coalition of shareholders without required SEC proxy filings.
- Garg allegedly demanded the board resign and falsely claimed to have secured 52 per cent of the shareholder vote to support his takeover bid.
- The company is asking the court to void Garg's shareholder support and prohibit him from soliciting further backing for at least 30 days.
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