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News Breaks | | | | January 2, 2013 | | 11:02 EDT |  | ZAAP | ZAP says directors took improper board actions, terminated co-CEO
In an 8-K filing, ZAP says that three of the seven directors of the board of ZAP, Steve Schneider, Mark Abdou and Alex Wang took improper board actions based on a board meeting held on December 31, without a quorum and announced a change of control of the board of ZAP on December 31, and terminated Co-CEO Chuck Schillings and financial controller Michael Ringstad. The majority directors of the board, Chairman Priscilla Lu, Goman Chong, Co Nguyen, and Aileen Kao are investigating this matter and will follow up with necessary legal actions to revoke the improper appointment. | |
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