Questor Forms Special Committee Amid CEO Transition, Legal Fight

Questor's independent directors and management dispute the allegations. They plan to defend the company and its shareholders, the board said.

"Questor is moving forward with purpose," Huizinga, who chairs the special committee, said in the release. "Our focus is on securing the right permanent leadership for Questor and ensuring shareholders have full visibility into that process."

The board has not received any proposal for a going-private transaction or other strategic deal. No decisions on the CEO search or strategic alternatives have been made. The company said it will provide updates as developments warrant.

Questor, founded in 1994 and based in Calgary, designs and manufactures high-efficiency combustion systems that destroy methane, hydrogen sulfide and other pollutants in waste gas streams. It also has a proprietary heat-to-power generation technology targeting landfill biogas, geothermal and other markets. The company's shares trade on the TSX Venture Exchange under the symbol QST.