Overview
- The board removed founder Vishal Garg as CEO on Aug. 3 and installed Daniel Lewis as interim chief executive, triggering a battle over who runs the company.
- Better sued Garg on Aug. 18, accusing him of unlawful solicitation and securities-law violations, and the board on Aug. 25 adopted a shareholder-rights plan that limits any person or group from exceeding 15% of ownership or voting power.
- Garg filed a preliminary consent statement with the SEC to solicit written consents to remove five directors and filed opposition papers in federal court while also suing in Delaware to invalidate the poison pill.
- Court filings show private messages in which Lewis praised Garg before the split, an exchange Garg says shows Lewis ingratiated himself before moving to seize control, a claim Lewis disputes.
- The fight has deep market and operational effects: Better’s shares have fallen sharply since the ouster, the company says it remains on track for Q3 guidance and expects $45 million in annualized cost savings, and the outcome will hinge on litigation and shareholder mechanics under the company’s dual-class stock structure.