CEO Adam Neumann gave interviews to Business Insider and Axios in May, just months before WeWork's S-1 became public, which may violate the SEC's quiet period rules.
In both articles, Neumann and other WeWork executives discussed the company's "business strategy and results," the filing states. The company denied violating quiet period rules and said it would "vigorously" contest any claims that it committed a Securities Act violation.
"We do not believe that our involvement in the May 2019 online news articles or other news articles constitutes a violation of Section 5 of the Securities Act," WeWork said in its S-1 filing. If a court decided that WeWork violated quiet period rules, the company said it would be required to repurchase all shares sold in its IPO at their original purchase price for one year following the violation, "plus statutory interest."
WeWork urged investors to refer to its IPO prospectus, not recent news articles, when evaluating the company.raised similar concerns when co-founders Larry Page and Sergey Brin gave Playboy magazine an interview in the lead up to the company's 2004 IPO.
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