FORT LEE, N.J. (AP) — A New Jersey man who co-founded a company that makes electric motorcycles is being sued by the company over stock shares.
Fort Lee resident Vincent Ip co-founded Mission Motorcycles of San Francisco. The company makes high-end, electric-powered motorcycles that Time magazine calls one of the top inventions of 2013.
Ip was terminated in November for what the company's lawsuit calls unprofessional behavior including physical threats.
The company claims a stock purchase agreement gives it the right to buy back most of Ip's 300,000 shares of stock. But the suit says Ip claims the agreement is invalid because he signed it under duress.
An attorney representing Ip tells The Record of Woodland Park (http://bit.ly/1cgDzML) that the lawsuit is a bullying tactic by the company and that Ip plans to countersue.
Correction: In a previous version of this article, the headline and content stated that Vincent Ip, the co-founder of Mission Motorcycles, was suing the company. The new version reflects that it is the company that is suing Ip.