Overview
- The company’s board voted to remove Vishal Garg as CEO on August 3 and named Daniel Lewis interim chief, citing more than $1.5 billion in GAAP losses since 2022 and a greater-than-90% fall in the stock under Garg’s tenure.
- Better filed a complaint in the U.S. Southern District of New York in mid‑August asking a judge to stop Garg from seeking shareholder support for 30 days and to void any approvals he may have obtained, alleging unlawful solicitation and misleading public statements that breached federal securities rules.
- Garg disputes the board’s account, says he has backing from holders of Class B super‑voting shares and other early investors, has produced written consents he says represent majority voting power, retained lawyer Alex Spiro, and is pressing to be reinstated while publicly campaigning for control.
- The fight has intensified market pressure and operational uncertainty: shares plunged further after the board change and investors have reacted to the company’s long-running losses and the boardroom dispute, which the company says was triggered by a disagreement over representation letters needed for a Form 10-Q filing.
- The outcome will hinge on the court and any regulatory or proxy reviews and could determine who leads Better as it seeks a fragile turnaround, with the company’s earlier controversies — including a widely publicized 2021 mass layoff and employee conduct allegations — shaping investor and public trust.