Mission Motorcycles files suit for co-founder’s shares

San Francisco-based electric motorcycle manufacturer Mission Motorcycles Inc. has filed a lawsuit to buy out the shares of co-founder Vincent Ip following Ip’s November termination.

The lawsuit, filed in U.S. District Court in New Jersey, claims Ip and co-founders Mark Seeger and Andrew Ng signed a stock restriction agreement in September that stated the company can buy the shares of any of the three stockholders if one left the company, according to The Record in New Jersey. Each man made an initial $30,000 investment in the company in exchange for 300,000 shares. Mission Motorcycles is in production of a Mission R street bike and a limited edition Mission RS racing model. Initial delivery of the units is set for June 2014.

To read more from The Record, click here.

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