Latest News

The Wall Street Journal: Former exec claims misled investors ahead of SPAC deal


Online mortgage lender and its Chief Executive Vishal Garg allegedly misled investors in financial filings and other representations it made as it attempts to go public, according to a lawsuit filed Tuesday by a former top executive at the company.

Sarah Pierce,’s former executive vice president for sales and operations and one of its top executives, said Garg and the company allegedly misrepresented’s business and prospects to keep investors onboard with a planned merger with a special-purpose acquisition company, or SPAC. The deal was agreed to last May and has yet to close.

Pierce said she was pushed out of her role at the company in February in retaliation for raising these issues. She has also filed a complaint alleging retaliation with the Occupational Safety and Health Administration under the Sarbanes-Oxley Act, according to a footnote in the suit.

A spokeswoman for said the company doesn’t comment on litigation. was a major winner of the boom in housing prices and mortgage refinancing that accompanied the pandemic and low interest rates. The company grew revenue nearly 10-fold to $876 million in 2020 from the year prior, posted a profit of $172 million and hired thousands as it rushed to keep up with the market, company filings said. It raised $500 million from SoftBank Group Corp.

last spring and weeks later said it planned to go public at a valuation of $7 billion.

An expanded version of this report appears on

Also popular on

Adult children of work-visa recipients forced to return to parents’ countries.

Want to fly this summer? Good luck traveling to a small city.

The Margin: ‘Scream 6’ not paying Neve Campbell enough to return, says the star of the $744 million horror franchise

Previous article

Cathie Wood’s Asset Plunge Is Biggest Among ETF Issuers in 2022

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News