Toby Neugebauer Escalates Legal Battle Against Fermi Board

The complaint details a volatile timeline following Neugebauer’s exit, noting that the board initially fired him without cause, later reclassified the departure in a Form 8-K, and eventually settled on a for-cause termination to justify his removal from the board. This dispute deepened after Neugebauer initiated a proxy campaign, prompting the directors to implement restrictive bylaw changes, including a 70% shareholder-approval threshold. Although a state court recently denied a temporary restraining order, the judge preserved Neugebauer’s right to proceed with discovery, signaling that the core allegations of misconduct remain active.

Legal tensions peaked last week when Fermi accused Neugebauer of submitting a false verification. Neugebauer’s counsel, Jeff Tillotson, characterized the incident as a clerical error involving a misattached verification page. Tillotson maintained that Neugebauer was unaware of the filing error and emphasized that the founder’s broader claims against the board are supported by verifiable public filings and prior court rulings.