Meanwhile, under CCM’s March 17 proposal and subsequent offers, management’s awards would accelerate and be paid in cash at closing, UWM alleges. The shareholder meetingUWM alleges TWO’s chief legal officer, Rebecca Sandberg, mischaracterized the company’s investor base by overstating the institutional shareholdings. Specifically, UWM claims Sandberg represented retail ownership — investors who would require “direct, targeted outreach”— as 12% to 15%, when UWM says it was closer to 30% to 35%. UWM alleges that misrepresentation reduced the likelihood of securing the votes needed to approve the merger. Separately, UWM alleges Greenberg encouraged CCM to submit a competing bid — conduct UWM says violated the nonsolicitation provisions of the merger agreement.