Daniel Zappin founded Maker Studios, a company that creates programming for channels on Youtube, in 2009.
Since then the company has seen tremendous growth, including a $36 million dollar investment made last year by Time Warner.
It was announced last month that Zappin would no longer act as CEO, but would serve as an advisor to the company’s chairman who was to assume the position.
However Zappin, along with three other co-founders, filed suit against Maker claiming breach of contract and fraud. The four men claim that the company and other defendants (board members and investors) took away the rights that they held as common shareholders by relegating their common stock to minority status. The plaintiffs believe this was an effort to not only profit from Maker’s assets but also to remove Zappin as the company’s CEO.
The plaintiffs are seeking a temporary restraining order, a constructive trust over Maker Studios, removal of the current board of directors and unspecified monetary damages.
The Patterson Law Firm has dealt with many issues related to shareholder disputes. To learn more about our firm visit pattersonlawfirm.com or call (312) 223-1699.