A bitter dispute between Better Home & Finance Holding Co. and its former CEO, Vishal Garg, has officially reached the legal arena.
Better, a digital-focused mortgage lender, filed a complaint against Garg on Tuesday, alleging he has repeatedly violated federal securities laws as part of a “scorched-earth campaign to retake control of the company” since he was fired by its board of directors on Aug. 3.
Specifically, the company alleged Garg violated Section 13(d) of the Securities Exchange Act of 1934 by failing to formally disclose that he was coordinating with a group of shareholders in an attempt to take control of the board and reinstall himself as CEO.
“After engaging in unlawful solicitation for at least a week and making numerous...