NEW YORK (TheStreet) -- Hyperloop One has filed a counter suit against co-founder and former chief technology officer Brogan BamBrogan, who filed a lawsuit against Hyperloop last week, CNBC's Josh Lipton reported on "Power Lunch" Tuesday.
Hyperloop is a futuristic ultra-high-speed transporting system, which has attracted a lot of attention and $100 million from investors.
Brogan had filed a lawsuit against co-founders of the startup, Shervin Pishevar and Rob Lloyd, claiming they had engaged in cronyism, nepotism, and gross mismanagement, Lipton said.
The Los Angeles-based company is seeking $250 million from the counter suit against BamBrogan for compensatory and punitive damages.
The lawsuit claims BamBrogan and his fellow plaintiffs staged a failed coup to take over Hyperloop and tried to start their own competing company, Lipton said, citing Hyperloop.
"This is a sham claim. It is a media ploy aimed at smearing Hyperloop One," Hyperloop said in a statement.