The We Company, the co-working firm’s parent, submitted incomplete financial data to the U.S. Securities and Exchange Commission (SEC) in August, with details varying wildly from an updated draft submitted in September. The company originally said it offered 273,000 new work stations in the first half of 2019 at a cost of US$1.3 billion; a month later, it said it had just 106,000 new stations for that period, costing US$800 million. The company also failed to disclose how its rapid growth affected its profitability and cash burn; that then-CEO Adam Neumann was on the company’s compensation committee; and that We’s assets included a US$60-million jet for Neumann’s personal use. (Wall Street Journal)

Talking point: Although We had top law firms and Wall Street banks help draft its prospectus, Neumann often rejected their recommendations, according to sources who spoke to The Wall Street Journal. Neumann’s controlling style was a key reason for his ouster last month, after the company failed to attract sufficient investment for its IPO. The sloppy prospectus likely turned investors off of the IPO and could interfere with its plans to go public in the future as it may face tougher scrutiny from the SEC, said Erik Gerding, a University of Colorado law professor.