Top bosses at a Cheshire technology company have been asked to step down by a group of shareholders.
The group is led by Tariq Hamoodi, who holds 4.23% interest in Nanoco, and is arguing that the company gave misleading information related to settlement prospects in a litigation with Samsung.
They have asked that chief executive Brian Tenner and chief financial officer Liam Gray depart their roles and the board.
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The request was made in a letter dated March 10 and has been made public today (Monday, March 27).
The news comes after Samsung agreed to pay $150m as part of its no fault settlement with Nanoco.
The lawsuit had been over patents used in Samsung's LED televisions.
In the letter, the shareholders said they have identified new a CEO and CFO for the company.
A Nanoco statement said: "Nanoco notes the contents of a letter sent to its board, that had been acknowledged by the company, that has been made public today by a group of shareholders led by Tariq Hamoodi.
"Nanoco's board emphatically rejects the shareholder group's speculative concerns about certain actions and activities involving Nanoco.
"The directors of Nanoco have no intention of stepping down from the board and are confident that the board's actions and statements over the period of the Samsung litigation were in line with its corporate governance duties, obligations and standards."
The full text of the shareholder group's letter can be found here.
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