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WeWork says it must correct financial statements

Posted On: Jan 24, 2022   |   Posted By: The Real Deal New York

WeWork's life as a public company is off to a rough start. The coworking firm said Wednesday it has to revise its financial statements for three quarters after finding that it misclassified some of its public shares. WeWork disclosed that it previously counted certain shares as permanent equity, but those shares should have been called temporary equity. WeWork also said the company's management concluded there “was a material weakness in internal control over financial reporting

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