[Correction: This article originally referred to Joseph Schocken as XShares' interim CEO. He was actually appointed as the company's chairman and chief executive officer in September.] 

Exchange-traded funds provider XShares has filed suit in New York state court against its founders, Jeffrey Feldman and Anthony Dudzinski, "alleging actions that enriched the officers to the detriment of the company," according to a report by journalist Lawrence Carrel.

The report, which is dated Nov. 3, appears on the companion blog to the book written by Carrel and published by John Wiley & Sons, "ETFs for the Long Run." (The full article can be found here.)

No date was listed in the article for the suit, filed with the Supreme Court of New York. A total of 11 defendants were named, with allegations including: breach of fiduciary duty, breach of loyalty duty, theft of business opportunity, corporate mismanagement, misappropriation of corporate assets, self-dealing and fraud.

According to Carrel's report, several specific allegations are made. One is that former CEO William Henson and Chairman and CEO Joseph Schocken received bonuses and other compensation that represented a conflict of interest with XShares. Another is that the defendants diverted a corporate opportunity by allowing investor Grail Partners to misappropriate XShares' business model.

It also detailed charges that the company failed to meet capital and regulatory requirements by not maintaining separate books and records for XShares and its subsidiaries.

Representatives of XShares declined to comment to Carrel, a veteran financial reporter whose work has appeared on IU.com in the past. A spokesperson for the company declined comment to IU.com on Tuesday morning.

Besides making allegations against management and specific individuals, the lawsuit also charges that XShares "failed to provide adequate or not misleading disclosures to investors."