Zcash operator hit with $2 mln lawsuit due to unpaid stocks to ex-employee

12 Jun, 2019
by Colin Hawkins
News
Zcash operator hit with $2 mln lawsuit due to unpaid stocks to ex-employee

According to court documents filed May 29, the parent company behind Zcash, is facing a $2 million lawsuit over unpaid shares.

The Superior Court of California in San Francisco received the complaint from ex-employee, Simon Liu. Liu brought forward the charges after he didnt recieve $15,000 worth of stock in 2016. Simon Liu is reported to have worked for Zerocoin in the past, which now is known as the Electric Coin Company.

Liu, claims the company was not legally permitted to offer the equity and as quoted from the court documents:

“Plaintiff is informed and believes, and thereon alleges, that Zerocoin did not have the authorization to issue common stock to employees in 2016, and that Defendants, and each of them, were aware that Zerocoin did not have such an authorization.”

Liu also claims that any requests to view company documents were denied. At this time Zooko Wilcox, CEO of Zerocoin, or anybody in the company has yet to comment on these matters.

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Read more about: Zcash (ZEC)

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