Toby Neugebauer Sues Fermi Directors Over Alleged Governance Abuses

The complaint details a turbulent sequence of events following Neugebauer’s ouster, during which the board offered shifting explanations for his departure—alternating between a termination without cause, a voluntary exit, and finally a termination for cause. Neugebauer claims the directors leveraged these narratives to strip him of his board seat and solidify their influence. The litigation further challenges the board’s recent attempts to raise shareholder-vote thresholds, arguing these bylaw changes were implemented to shield the current leadership from his ongoing proxy campaign.

While a Texas court recently denied Neugebauer’s request for a temporary restraining order, the judge allowed his core claims to move forward, granting him the right to discovery. The legal friction intensified last week when Fermi publicly accused Neugebauer of submitting a false verification. His attorney, Jeff Tillotson, dismissed the accusation as a clerical error involving an incorrectly attached form, maintaining that Neugebauer’s underlying claims remain backed by public filings and court records.