Texas Business Court granted Toby Neugebauer’s motion for expedited discovery in a lawsuit filed by Fermi, seeking to block shareholder accountability. The court’s decision requires Fermi to provide documentation and testimony explaining the rationale for its recent actions, including its opposition to a Special Meeting.
Background
Fermi’s Board, driven by board member and former Texas Governor Rick Perry, adopted bylaws that imposed a 70% supermajority requirement to expand the Board and elect new directors. The Board then brought claims in the Texas Business Court to obtain judicial clearance of the bylaws and block shareholder accountability.
Mr. Neugebauer, co-founder and largest shareholder of Fermi, welcomed the court’s decision, stating that it is a win for Fermi’s shareholders and a landmark case for the state of Texas. He believes that the discovery will reveal critical information that will lead to the reversal of the 70% supermajority bylaws and allow shareholders to expand the Board and elect independent directors.
Mr. Neugebauer’s definitive proxy materials can be found at UnlockFermiValue.com. Shareholders who have questions or require assistance with providing their agent designation can contact Saratoga, Mr. Neugebauer’s proxy solicitor.
Original reporting: KTBS 3 (Shreveport) — read the source article.
