business

WeWork, ex-CEO Neumann, Softbank sued over botched IPO, plummeting value

5 Comments
By Jonathan Stempel

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The 1.7 billion dollar exit package for a CEO who ran the company into the ground and had to be forced out tells you a lot about what is wrong with American corporate governance.

5 ( +5 / -0 )

Caveat emptor.

0 ( +0 / -0 )

The 1.7 billion dollar exit package for a CEO who ran the company into the ground

Didn’t he also build it up from the ground in the first place?

0 ( +0 / -0 )

So, let's get this straight. You expect to get paid in stock options for a Silicon Valley startup, which is a risky bet for anyone with no guarantee of success, and then when that doesn't pan out, sue to get your money anyways? Sounds like good work if you can get it.

-1 ( +0 / -1 )

These suits are actually "attorney" suits, they seek out a shareholder (the ex-employee makes a good choice as the media will feel sympathy) and file looking to settle the claim. The attorney gets 50% of the money so they are the real "client". Haven't yet seen tv ads looking for clients like you see for other tort lawyers, but wouldn't be surprised to see that happen. So the media has another self-interest in selling the ads, the judges that preside over the cases retire to be senior partners (no work needed) at the law firms that appeared before them. That $1.5 billion in Neumann's pocket is a tempting target for America's bottom feeding attorneys, this will not be the only suit. These costs are a hidden tax that all Americans pay on anything they purchase.

-1 ( +0 / -1 )

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