Fermi Inc. co-founder Toby Neugebauer won a legal victory against the board. Neugebauer is the company's largest shareholder. A Texas Business Court granted his motion for expedited discovery on June 29, 2026.
The ruling investigates a new bylaw requiring a 70% supermajority to remove directors. Neugebauer argues the bylaw is intended to entrench current directors. The court order compels Fermi to produce internal documents and testimony.
Neugebauer filed definitive proxy materials to challenge the current leadership. He scheduled a town hall webinar for shareholders and analysts on June 30.