Sanjiv Mehra has accused Jonathan Teller of breaching his fiduciary duties in order to take full control of the company
Image: via Instagram @eosproducts
Eos founder and co-CEO Sanjiv Mehra has filed a lawsuit against his business partner Jonathan Teller.
Mehra has accused Teller of breaching his fiduciary duties by attempting to take full control of the lip care start-up’s shares.
The lawsuit alleges these actions were motivated by Teller’s deteriorating financial situation.
In a statement, it accused Teller of putting his “personal desire for cash ahead of the business’ liquidity”.
According to Mehra's lawyer, Patrick Smith of Smith Villazor, “Mr Teller, in violation of his fiduciary duties and contractual obligations, concocted a ‘deadlock’ between himself and Mr Mehra, purported to dissolve Eos’ parent company, and unlawfully barred Mr Mehra from Eos’ office, all as part of a scheme to deprive our client of his economic rights in the business he built.”
He continued: “Our client founded the business, and, with his experience and effort, made it a success.
“We will aggressively pursue this case against Mr Teller and those who assisted him in this scheme.”
The brand has been contacted for comment.