Better committee opens probe as Garg pushes to oust five directors

The battle between Better Home & Finance Holding Co. and the founder and former CEO of Better, Vishal Garg, escalated on Thursday after both parties published separate press releases about the other. Better announced that its special committee has opened an investigation into “credible and serious allegations” that Garg sought to offer company assets or other benefits to former employees in exchange for their support in his effort to replace the board. The allegations were brought to the company by independent counsel for a former employee, according to Better. The company said the former employees involved are also shareholders. If substantiated, the allegations could raise questions about Garg’s fiduciary duties as a director, the company said. Better also said the alleged conduct has affected its ability to maximize the value of certain assets and claims. Garg, who was removed from his role as CEO by Better’s board at the start of August and replaced by Daniel Lewis, is currently conducting a consent solicitation seeking to remove five directors: Lewis, Harit Talwar, Arnaud Massenet, Bhaskar Menon and Prabhu Narasimhan. Garg announced last week that Oct. 2 was the new target...