Toby Neugebauer Sues Three Fermi Directors, Alleging a Coordinated Effort to Take Control of Company and Disenfranchise Fermi Shareholders According to the Complaint
Toby Neugebauer, founder and largest shareholder of Fermi Inc. (Nasdaq: FRMI), filed an amended lawsuit in Texas Business Court alleging that three current Fermi directors engaged in a long-running effort to consolidate control of the company and disenfranchise shareholders. The complaint alleges the directors fired Neugebauer without cause, announced his 'departure' in a Form 8-K, then restated it as a for-cause termination two weeks later and used that to remove him from the board.
Key figures
- Shareholder approval threshold
- 70% for certain actions per challenged bylaw change
- Outstanding share vote threshold
- majority of all outstanding shares per newest bylaw change
AI analysis
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