HOUSTON – An attorney is demanding a Fort Bend County venture grant him his stock options.
A lawsuit filed on Feb. 5 in the Harris County 234th District Court explains that Matthew Smith agreed to work as general counsel for Microvast, Inc. in early 2016 in exchange for the equivalent of 2,600 shares of stock at $700 per share.
Recent court documents say Microvast employed Smith until Oct. 2, 2017.
The business reportedly rescinded its promise to the plaintiff.
“Microvast has repudiated its obligation and now belatedly claims that the promise to provide stock options is unenforceable,” the suit says.
According to the original petition, Microvast’s refusal to honor its part of its agreement with Smith violates the Texas Securities Act.
Joining Microvast as co-defendants are President/CEO Yang Wu and CFO Yanzhuan Zheng.
Charles Sturm of the law firm Sturm Law, PLLC in Houston and Mark J. Oberti of Oberti Sullivan LLP, also in Houston, serve as the complainant’s lead counsel.
Harris County 234th District Court Case No. 2018-7693