The company behind cryptocurrency zcash (ZEC) is under a $2 million legal challenge over unpaid shares, documents filed on May 29th.
According to the complaint, which appeared at the Superior Court of California for the County of San Francisco, an ex-employee brought the charges after he did not receive $15,000 of stock in 2016.
The complainant Simon Liu worked for Zerocoin, now known as the Electric Coin Company, and additionally claims the company was not legally permitted to offer the equity.
The document reads: “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 says that requests to view company documents were also denied. The name change from Zerocoin to the Electric Coin Company happened in February.
Zcash currently trades around $79 and has an overall market cap of just under $600 million.