Flexible workspace solutions provider WeWork Inc. (WE) in New York City delivers technology-driven turnkey solutions, flexible spaces, and community experiences. Its product offerings include Core space-as-a-service, WeWork All Access, WeWork On Demand, and WeWork Workplace. The company began trading on the New York Stock Exchange under the ticker symbol “WE” on Oct. 21, 2021., following its merger with special purpose acquisition company BowX Acquisition Corp. However, the stock has plunged 44.1% in price since. WE shares have slumped 23.4% year-to-date to close yesterday’s trading session at $6.59.
Adding to the concerns is an investigation of the company concerning claims it violated securities laws. Last December, The Schall Law Firm, a national shareholder rights litigation firm, announced that it was investigating claims on behalf of WE investors. The investigation concerns whether WE issued false and/or misleading statements and/or failed to disclose information pertinent to investors.
