The entrance to a WeWork co-working space location in the Bryant Park area in New York. Photo: Shutterstock Deal Watch: WeWork Finally Goes Public, Taking a New Route
After a year of bad news, the real estate company finally goes public at about one-sixth of its 2019 valuation.
March 29, 2021 at 01:15 PM
9 minute read
It's been an interesting 18 months or so for former new economy darling and real estate/tech firm WeWork. After rumors of an IPO saw its valuation top out at around $47 billion, the company went into a downward spiral.
WeWork's valuation dropped to less than $10 billion in late 2019, and its CEO was replaced amid accusations of financial malfeasance and a toxic work culture. The company laid off thousands of employees, saw its chief legal officer depart and undertook legal action against its largest financial backer.
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J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
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