Posted on April 24, 2013 at 9:26 AM
NEW BRAUNFELS, Texas -- The Scooter Store saga took another turn as three former employees filed a lawsuit in federal court in San Antonio seeking the money they fear they lost in their employee stock ownership purchase plan.
The lawsuit is against Douglas Harrison, founder of The Scooter Store. The manufacturer of the mobile chairs for the disabled was not named in the suit.
“We want to do what's right for us and the other employees and owners who have been left with little to nothing in their retirement account," said Angie Yeakley, one of the three filing suit.
According to court documents, there was $7,506,678 left in the plan as of December 2011.
Additionally, the suit accused Harrison of “failing to disclose vital, non-public information to the plan participants” and “manipulating the price per share valuations for the common stock so that Harrison and/or his family members could sell their shares of ownership at prices above fair market value.”
"He said that you will be millionaires," said Stephanie Millett, another of the three plaintiffs. "So we were very excited about that. Who wouldn't want to be?"
"I do kind of have peace with it. I have a calmness with it... It will work out the way it’s supposed to," Millett said.
KENS 5 contacted Harrison’s spokesperson and was told no comment would be made on any pending litigation.