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ChatGPTClaudePerplexity· Related development
Former CEO sues Fermi and several directors in Texas Business Court
Fermi's proxy statement says former CEO Toby Neugebauer filed a petition in the Business Court of Texas against the company and directors Marius Haas, Lee McIntire and Cordel Robbin-Coker, later adding director Rick Perry. As amended, the case seeks declarations about a May 13, 2026 bylaw amendment, a special meeting he sought to call for May 29, 2026, and director-election voting standards. A hearing on Fermi's motion to dismiss was reset for November 19, 2026.[1][2]
What the sources say
- Pending
Fermi Inc. (DEF 14A, October 2, 2026): Per Fermi's proxy statement, the case is Neugebauer v. Fermi Inc., et al., Cause No. 26-BC01B-0034. On May 4, 2026 the parties signed a Rule 11 agreement under which the temporary-restraining-order request was withdrawn as to three counts, subject to the board considering Larry Kellerman's nomination; the court denied expedited discovery on July 7, 2026 and a temporary restraining order on September 16, 2026. Defendants moved to dismiss on August 31, 2026; the hearing was reset for November 19, 2026. Fermi said it could not estimate a possible loss. [1]
- ⚠ Sources differ
Fermi Inc. (DEF 14A, October 2, 2026): Fermi's proxy statement says a committee of independent directors terminated Neugebauer for cause on April 30, 2026 for conduct it determined violated his employment agreement, listing misrepresentations to and lack of transparency with the board, public communications in violation of his duties and company policies, unauthorized meetings with third parties about company transactions, and conduct toward others in violation of company policies. These are the company's stated findings; Neugebauer disputes the firing (see clm-matador-neugebauer-firing). [1][3]
