Two independent WeWork directors failed to fast-track their lawsuit over SoftBank Group Corp.’s decision to scrap a $3 billion stock purchase that was part of a rescue package the struggling office space provider secured last October.
Delaware Chancery Judge Andre Bouchard said the WeWork board members didn’t show they’d suffer "irreparable harm” by having to wait longer for a trial, which Bouchard set for January. The directors had asked for the trial to start in August, but the judge said that was unworkable because of court disruptions caused by the COVID-19 pandemic.
"We are gratified that the court recognized the lack of any ‘imminent, irreparable harm’ claimed by the special committee and has given the parties the time required for a fair trial,” said Rob Townsend, SoftBank’s chief legal officer.