Press Releases

Settlement Agreement with Adam Neumann and WeWork Special Committee

SoftBank Group Corp.

SoftBank Group Corp. (“SBG”) announced that it has entered into a settlement agreement with Adam Neumann and the Special Committee (the “Special Committee”) of the Board of Directors of WeWork Inc. (formerly referred to as The We Company), an associate and investee of SBG, as described below.

1. Date of the Settlement

February 25, 2021 (ET)

2. Background to the Settlement of this Lawsuit

The parties entered into a settlement agreement on February 25, 2021 (ET). Pursuant to the settlement agreement, SBG will enter into the transactions with the plaintiffs in the litigation and other shareholders of WeWork Inc., in connection with which approximately USD 1.6 billion will be paid by SBG. The settlement agreement (i), when completed, would resolve all claims brought in a lawsuit in the Delaware Court of Chancery (the “Court”) and (ii) is in the best interests of all parties.

The settlement agreement is not an admission of liability or wrongdoing by SBG nor has there been any finding of liability by the Court against SBG.

3. Parties who Filed this Lawsuit

Adam Neumann

1. NameAdam Neumann
2. Address430 Park Ave, 19th Floor
New York, NY 10022, U.S.A.

The Special Committee

1. NameThe Special Committee of the Board of Directors of WeWork Inc.
2. Addressc/o Jared DeMatteis
45 W 18th Street, Floor 6
New York, New York 10011, U.S.A.
3. Name and title of the
Jared DeMatteis, Managing Director, Global Head of General Corporate, Legal and Assistant Secretary

4. Outline of this Lawsuit

The Special Committee of the Board of Directors of WeWork Inc. and Adam Neumann filed two lawsuits against SBG and SoftBank Vision Fund (AIV M1) L.P. in the Court, seeking declaratory relief for breach of contract and breach of fiduciary duties to close the tender offer pursuant to the Master Transaction Agreement, specific performance to close the USD 3 billion tender offer, and, in the alternative, compensatory damages. The respective filing dates were April 7, 2020 for the Special Committee of the Board of Directors of WeWork Inc. and May 4, 2020 for Adam Neumann.

(Relevant past disclosure documents)

5. About WeWork Inc.

1. NameWeWork Inc.
2. Address45 W 18th Street, Floor 6
New York, New York 10011, U.S.A.
3. Name and title of
Sandeep Mathrani, Chief Executive Officer and a member of the Board of Directors
4. Nature of businessA provider of co-working space service “WeWork”

6. Impact on Consolidated Financial Results

SBG will disclose the specific amount of the impact from the event as necessary.

Reference: Consolidated financial results forecast for the fiscal year ending March 2021 and actual for the previous fiscal year

 Net salesIncome before
income tax
Net income
attributable to owners
of the parent
Forecast for the fiscal year ending March 2021---
Actual for the fiscal year ended March 2020Millions of JPY
Millions of JPY
Millions of JPY
  • Net sales and income before income tax are presented in results of continuing operations only.

SBG does not provide forecasts of consolidated results of operations because they are difficult to project due to numerous uncertainties affecting earnings.

  • Releases, announcements, presentations and other information available from this page and elsewhere on this website were prepared based on information available and views held at the time of preparation and speak only as of the respective dates on which they are filed or used by SoftBank Group Corp. or the applicable group company, as the case may be. Such information is subject to change and may become out-of-date. Such information may also contain forward-looking statements which are by their nature subject to various risks and uncertainties that may cause actual results and future developments to differ materially from those expressed or implied by such statements. Please read legal notices in its entirety prior to viewing any information available on this website.

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