Better Home seeks court order to bar ex-CEO Vishal Garg from rallying shareholders

Better Home & Finance moved in federal court to stop former CEO Vishal Garg from seeking shareholder backing for a minimum of 30 days, accusing him of breaching federal securities laws. The complaint, filed in the Southern District of New York, asserts that Garg claimed to have secured 52% of the shareholder vote without filing the required proxy statements. Better Home alleges he pursued support through press releases, text messages, social media posts and one outlet's interview, and that he demanded the board resign after his removal on August 3.

The firm also requests that any shareholder approvals Garg may have already obtained be voided. Garg, who was ousted after a board vote and a steep decline in stock value, has offered to return for $1 a year until profitability returns. The dispute follows his controversial 79-second Zoom layoff in 2021 that drew widespread criticism.