Former Seegrid Corp. employees sued it in Delaware on Friday, claiming the robotics business lured them in with the promise of equity, then rewrote the terms of their investments as the company’s value skyrocketed so that board members and their affiliates could buy out the workers at a bargain.
The lawsuit, filed in Delaware Chancery Court, also targets Seegrid’s CEO, chairman, and other recent members of its board. It concerns the incentive plan the company allegedly adopted after emerging from bankruptcy in 2015—as a Giant Eagle Inc. subsidiary—without the cash to recruit top talent.
The suit accuses Seegrid and its ...
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