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Four board directors of fabricated metals company NeoCycl Holdings were hit with a shareholder lawsuit on Sept. 8 in Delaware Court of Chancery. The suit was brought by Wiggin & Dana and Ashby & Geddes on behalf of majority shareholder CalPac Resources, which designated two of the six members of NeoCycl’s board. According to the complaint, a confrontation over management issues led to a board dispute, with each side purporting to vote the other directors off the board. The suit seeks a declaration that as majority shareholder, the plaintiff validly removed four of the six board directors. Counsel have not yet appeared for the defendants. The case is 2023-0916-, CalPac Resources Ltd. v. Hubert et al.
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