Lucas Price accused his brother of paying himself excessively and depriving Lucas of his shareholder rights, according to the Times. Lucas Price reportedly wants Gravity Payments to repurchase his shares and provide financial documents and records.
The lawsuit pits two brothers, the cofounders of Gravity Payments, against one another.
When Dan Price announced the new minimum wage at Gravity Payments, he also pledged to cut his own pay to $70,000 a year from about $1 million to help spread the wealth among his employees. The CEO also said the new wage plan would likely eat into up to 80% of the company’s forecasted $2.2 million profit this year.
Sounds like plan to screw his brother out of his minority shares, rendering them worthless, forcing him to sell, then going back to business as usual. JMO.
Yes, that’s what this is. Too coincidental. Gets good PR for it, too. Hope he loses in court.