Better’s board calls on Garg to end boardroom power struggle
Better disputes that account. Despite Garg holding substantial voting power through his Class B super-voting shares, the company said he does not have the votes required to implement the board change.
Better’s statement also alleged that his shareholder solicitation contained misrepresentations and “clearly violates federal securities laws,” a charge Garg has publicly dismissed as “conjecture.”
A record defined by losses
Central to Better’s case against Garg is its financial track record under his leadership. The company cited more than $1.5 billion in cumulative GAAP net losses since 2022 and a publicly traded share price that declined more than 90% during his tenure.
Separately, Better’s board noted that Garg himself had told directors the company would have been better off had the capital raised under his leadership been invested in US Treasury securities rather than deployed operationally, a comment Garg later attributed to frustration with broader mortgage market conditions.
Better separately accused Garg of refusing to execute mandatory representation letters required for the company to file its Form 10-Q with the SEC, calling the refusal the “sole cause” of the delayed quarterly filing.
