Better Home & Finance Holding Company (NASDAQ: BETR) issued a statement pushing back against efforts by its terminated chief executive, Vishal Garg, to regain control of the company, citing what it described as a record of value destruction and potential securities law violations.

The board, excluding Garg, voted unanimously to remove him as CEO following concerns about his judgment, temperament, and credibility. The company reported cumulative GAAP net losses exceeding $1.5 billion since 2022 and a stock price decline of more than 90% during his tenure. The board also noted that Garg himself acknowledged the company would have fared better had the capital raised under his leadership been invested in U.S. Treasury securities.

Garg subsequently issued a press release calling on five directors to resign and hand control back to him. The board also said Garg refused to sign mandatory representation letters required for the company to file its Form 10-Q, which it said was the sole cause of a delayed filing.

The board said it has reviewed communications that, based on legal counsel's analysis, suggest Garg may have been directly involved in conduct that could constitute violations of U.S. securities laws. No charges have been filed or confirmed by regulators.

The board stated it will not take actions it does not believe serve shareholders' interests and noted that the company's governing documents — adopted during Garg's tenure as CEO — provide established processes for shareholders to influence board composition. Shareholders were told no action is currently required on their part.