Better opens probe into alleged fiduciary breach by director, ex-CEO Vishal Garg

Better opened a special committee investigation into allegations that director and former CEO Vishal Garg sought to trade company interests for shareholder consents.

Claims allege Garg offered company property to former employees who are shareholders to back his bid to replace the board.

The board committee flagged potential fiduciary-duty breaches, saying any promises of company assets for proxy support would be improper.

The company said the alleged conduct already hurt efforts to maximize value from certain assets and claims.

Shareholders were urged to revoke any prior support for Garg’s consent solicitation using the company’s white revocation card.