Electric motorcycle company Mission Motorcycles has filed a lawsuit against one of the company’s co-founders.
Vincent Ip was terminated from his position in November 2013 by fellow co-founders Mark Seeger and Andrew Ng after allegedly making violent threats towards other company executives.
According to the lawsuit filed in the U.S. District Court, Ip is required to relinquish stock pursuant to the stock restriction agreement he signed.
Should Mission Motorcycles’ lawsuit be successful 275,000 shares of Ip’s stock will be available to buy back.
However, Ip states that the agreement is invalid due to being signed under duress and without consideration. He plans to countersue Mission Motorcycles for fraud, breach of contract, and other legal grounds.
According to a source, all three co-founders invested an initial $30,000 in the company in exchange for 300,000 shares of company stock, and then later invested another $70,000 each.
