SEC investigates Better.com for alleged federal laws violation

Better Home & Finance Holding

15/07/2022 24:51

July 14 (Reuters) - The U.S. Securities and Exchange
Commission (SEC) is examining whether mortgage lender Better.com
and the special purpose acquisition company it has agreed to
merge with, Aurora Acquisition Corp  AURC.O , violated federal
securities laws.
    In the second-quarter of 2022, the regulator asked
Better.com and Aurora Acquisition to submit some documents
related to their business activities, Aurora said in a filing on
Thursday. 
     Better.com and Aurora are cooperating with the SEC, the
blank check company added. 
    The SEC requests, cover among other things, information on
the business transactions of Chief Executive Officer Vishal Garg
and allegations made in a lawsuit against him filed by Sarah
Pierce, Better.com's former head of sales and operations.
    Last month, Pierce filed a lawsuit claiming that Garg
misrepresented Better.com's statements to ensure investors go
through with a SPAC merger instead of withdrawing due to its
financial condition.  urn:newsml:reuters.com:*:nL4N2XU3MR
    Better.com did not immediately respond to Reuters' request
for comment, while SEC declined to comment. Aurora Acquisition
Corp, too, declined to comment beyond the filing.
 

 (Reporting by Shivani Tanna in Bengaluru; Editing by Rashmi
Aich)
 ((ShivaniJayesh.Tanna@thomsonreuters.com;))