Full Breakdown
Better Home & Finance Sues Former CEO Vishal Garg
8/19/2026, 12:44:22 AM
Background: Garg’s Leadership and 2022-2023 Turmoil
Vishal Garg founded Better Home & Finance and served as its chief executive until the board removed him. During the pandemic he terminated roughly 900 employees in a brief Zoom call that lasted less than two minutes. Under his tenure the company reported net losses exceeding $1.5 billion since 2022 and its stock price fell by more than 90 percent, according to the lawsuit filed by the firm.
Lawsuit Allegations and Legal Claims
Better Home & Finance has filed a lawsuit accusing Garg of a “scorched-earth campaign” to wrest control of the company after his ouster. The complaint alleges that Garg insulted staff with terms such as “monkeys” and “dumb dolphins,” and that he attempted to build a “coalition of shareholders” to support a bid to retake the board. The filing further claims Garg flooded the market with misleading statements, falsely asserting that he had already secured 52 percent of the shareholder vote despite not filing required proxy disclosures with the Securities and Exchange Commission. The suit contends these actions violate federal securities law.
Company’s Official Response and Requested Relief
The lawsuit seeks a court order to void all shareholder support claimed by Garg and to bar him from soliciting additional backing for at least 30 days. On August 3 the board voted to remove Garg as CEO, with every director except Garg supporting the removal. On August 10 Garg allegedly sent a letter to the board demanding that all members resign, asserting he represented a group of “concerned shareholders.”
Data & Statistics
- Approx. 900 employees fired in a two-minute Zoom call.
- Net losses > $1.5 billion since 2022.
- Stock price decline > 90 percent under Garg’s leadership.
- Board vote on August 3 removed Garg; all directors except him voted for removal.
- Alleged claim of 52 percent shareholder support, unaccompanied by SEC-filed proxy statements.
The filing frames Garg’s post-removal actions as a coordinated effort to undermine the board and mislead investors, prompting the company to seek swift judicial intervention.
