I had created a biomedical product with my cofounders help. He was employed with another company for the first 1.5 years after we had started.
I completed the prototype and handed it over to him.
He goes and incorporates, patents the product all in his name and doesn’t acknowledge my existence. Basically, he shuts me completely out, very craftily keeping me worried all the time since he controls everything.
When I complained, he gave me a stock grant letter which mentions I am a cofounder. Now the company is doing well and after repeated requests to give me my share certificates – I’ve heard nothing. I have no clue how much money the company is making or anything about it.
Can he restructure and dilute me and get away with it? It feels like shareholder oppression and breach of contract. Also, I haven’t signed any IP assignment, so can I use that card?
Can he start another company and buy this one out and dilute my shares? Currently it’s all common shares.
Thanks in advance for any advice.