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Dutchie‘s founders are suing the company’s current leaders, calling the recent c-suite shakeup a corporate coup.
The company, founded as Courier Plus Inc. in 2017 by brothers Ross and Zachary Lipson, announced on Dec. 1 that Timothy Barash would be taking over for Ross as the new CEO.
Now the Lipson brothers have filed a lawsuit, alleging that Barash and other board members “conspired in late November” to remove them from their officer positions, according to Law360.
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“The complaint was filed derivatively on behalf of Courier Plus Inc. against Executive Chairman Timothy Barash and board directors Karan Wadhera, Wilder Ramsey, Gaurav Ahuja, and Thomas Linovitz,” informed journalist Deborah Borchardt for Green Market Report.
They claim they were ambushed at a board meeting held on Nov. 28, “where the board quickly passed pre-drafted resolutions to terminate them ‘for cause,’ stripped them of their status as key stockholders, removed them from the board and amended a common stockholders’ voting agreement so that Barash could take control.”
Ross Lipson argues he is still a director and CEO of the company and Zachary Lipson is still a director and the company’s CPO, however, the founders are no longer mentioned on the company’s website.
Photo by Louis Hansel on Unsplash.
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Image and article originally from www.benzinga.com. Read the original article here.