This is a very complicated situation and much of the answer depends on the exact language of the various agreements that you've mentioned You have a variety of "relationships" with the company, each of which is governed by different laws. One is as a shareholder. This is governed by the Business Corporation Law. It does not sound like your partners necessarily violated this law. But perhaps their actions were taken without proper notice or following official protocols for shareholder or board of direction action. As such, their actions may be void for failure to follow these procedural rules. Another relationship to the company is as an employee. Unless you have an agreement that outlines when and under what circumstances your employment relationship can be termined, you are subject to the employment at will law in Pennsylvania. The fact that you are a shareholder does not exempt you from the employment at will doctrine under the law. Finally you have a contractual relationship via the shareholder agreement. That agreement may address what happens with your status as a shareholder when your employment is terminated.
These types of disputes are often very complex. In addition, quick action is often necessary to afford you the maximum options for remedies for your partners' actions. I would highly recommend that you seek counsel as soon as possible.
Answered on Sep 25th, 2014 at 1:56 PM