NEW YORK, NY / ACCESSWIRE / December 3, 2021 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of WeWork Inc. ("WeWork" or the "Company") (NYSE:WE). Investors who purchased WeWork sharesare encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/we.
The investigation concerns whether WeWork and certain of its officers and/or directors have violated federal securities laws.
On December 1, 2021, WeWork disclosed in a U.S. Securities and Exchange Commission filing that "[i]n connection with the preparation of the financial statements as of September 30, 2021, WeWork Inc. (the ‘Company') reevaluated its application of Accounting Standards Codification (‘ASC') 480-10-S99, Distinguishing Liabilities from Equity, to its accounting classification of the Class A common stock subject to possible redemption (the ‘Public Shares') issued as part of the units sold in the initial public offering by the Company's predecessor, BowX Acquisition Corp. (‘BowX'). The Company had previously classified a portion of the Public Shares in permanent equity. Upon further evaluation, the Company determined that the Public Shares include certain redemption features not solely within the Company's control that, under ASC 480-10-S99, require such shares to be classified as temporary equity in their entirety." Accordingly, WeWork advised that certain of its previously issued financial statements should not be relied upon and would be restated. In addition, WeWork disclosed that its management has concluded that, that in light of the classification error described above, there was a material weakness in internal control over financial reporting relating to the interpretation and accounting for certain complex features of the Public Shares." On this news, WeWork's stock price fell sharply, damaging investors.
If you are aware of any facts relating to this investigation, or purchased WeWork shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/we. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz and Grossman, LLC