Better Home & Finance (BETR) said its special committee urged shareholders to reject former Chief Executive Vishal Garg's consent solicitation to remove five directors, a campaign the company said could return him to a leadership role.

Earlier this month, Better's board, without Garg, decided that he would no longer lead the company as chief executive, the company said. Garg then launched what the company called a "costly and distracting campaign" to remove five directors, replace them with his preferred candidates and return to a leadership role.

Garg, who remains a board member, failed to lead the company to profitability during the years he was in charge, instead accumulating more than $2 billion in net losses, the company said.

"There is no reason to believe that the outcome would be any different if Mr. Garg were to return to a leadership role," the company said. "For this reason, we believe Mr. Garg's campaign poses a serious threat to Better's progress and to the interests of its employees, partners, and shareholders."

Garg did not immediately reply to a request for comment sent to his LinkedIn account.