Nanoco has branded a shareholder's plans "damaging and disruptive" amid his second call for the board's resignation.
The Cheshire technology company has responded to a public letter sent by Tariq Hamoodi which raised his "significant concerns regarding corporate governance" at the listed company.
The move came after he issued a similar letter in March.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
In response, Nanoco said it continues to "emphatically reject Mr Hamoodi's speculative concerns".
Mr Hamoodi is one of the largest shareholders in Nanoco alongside Hargreaves Lansdown, Lombard Odier and Interactive Investors.
Earlier this year, BusinessLive reported that Samsung is to pay $150m as part of its no fault settlement with Nanoco.
In his latest letter, Mr Hamoodi said he called for an extraordinary general meeting to replace Nanoco's board "with a more experienced group of independent directors with a strong track record of success and experience in intellectual property licensing and quantum dots".
Non-executive chairman Christopher Richards said: "We continue to emphatically reject Mr Hamoodi's speculative concerns.
"The board welcomes scrutiny, but his misinterpretation of the past, and consciously selective and factually inaccurate disclosure, including the publication of heavily edited videos, presents a number of events out of context to create a false narrative to mislead our shareholders.
"The proposed board changes are not in the best interests of the company or its shareholders, and would give undue influence to a disgruntled minority shareholder.
"Nanoco is at an exciting inflection point, with the litigation proceeds fully underpinning our organic business which has significant growth opportunities.
"Mr Hamoodi's proposals would be damaging and disruptive to Nanoco's future prospects and, if successful, would result in an exodus of key talent from the business."
READ MORE:
The Sunday Times Rich List 2023: The wealthiest people in the North West named
Interactive Investor creating jobs as it significantly increases headquarters
Asda issues statement after being accused of threats to cut pay of 7,000 staff
Speedy Hire rules out fraud as investigation into missing equipment worth £20m concludes
Profits at JD Sports to pass £1bn as it celebrates record year
