Sanjiv Mehra, a cofounder and the co-ceo of Eos, has filed a lawsuit in Delaware against co-founder/co-ceo Jonathan Teller. Eos is known for its cute lip balm packaging -- colorful egg-shaped spheres.
The New York Post reports that Teller used company funds to support a "lavish lifestyle" -- then forced out Mehra when he complained about his over-spending. Allegedly, Teller has been saying that Mehra is no longer associated with the company.
Now, Mehra has filed a lawsuit against Teller, WWD reports. The article states, "In the suit, Mehra — who owns 15 percent of Eos — alleges that Teller — who controls 85 percent — squeezed him out of the company and 'illegally strip[ped] him of his economic rights.' "
Mehra's allegations say that Teller withdrew $100 million from the company, without regard for Eos’ escalating liquidity needs. On September 26, Teller removed Mehra from the company.