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, Fermi's founder and largest shareholder, filed an amended lawsuit in Texas Business Court against three current Fermi directors, alleging a coordinated effort to consolidate control of the company and disenfranchise shareholders. The complaint cites shifting public accounts of Neugebauer's termination, a federal suit filed against him after he launched a proxy campaign, and successive bylaw changes that raised approval thresholds to 70% for certain actions and to a majority of all outstanding shares.
Key figures
- Defendant directors
- 3
- New voting standard
- majority of all outstanding shares, raised from a plurality of shares voting
- Bylaw approval threshold
- 70% shareholder approval required for certain actions
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