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Better.com CEO Vishal Garg has been sued by a former employee, Sarah Pierce, for allegedly sharing misleading statements to investors about the firm’s financial prospects and performance.
The employee claimed that she was removed from the online mortgage lender firm after raising concerns about profitability.
CEO Vishal Garg is on the hook for any losses stemming from a $750 million convertible bridge note investment, a fact he allegedly recently acknowledged to employees.
Embattled online mortgage lender Better is turning to a former Goldman Sachs Group Inc. consumer-banking veteran to help it pursue a public listing just as rising interest rates pressure the business already reeling from a slew of personnel missteps.
Peloton cut nearly 3,000 employees in February, Better.com cut 4,000, and even Facebook parent company Meta has enacted a hiring freeze.