Union Technologies and its venture capital backers are stonewalling about a pattern of self-dealing that led former Secretary of State Mike Pompeo to leave the munitions startup’s board, according to a lawsuit filed by his replacement.
Christopher Merendino is suing the company for internal documents relating to its financing efforts, construction of a planned flagship artillery plant, and an “extraordinary” pay package given to a friend of co-founder Joe Musselman. Musselman’s overconfidence, lies, and cronyism have pushed Union to the brink of insolvency and jeopardized its future, according to the legal complaint filed in Delaware’s Chancery Court.
“When pressed on ...