The BOD can give any employee, including the CEO as many shares as they as long as the total approved shares are not exceeded. There are currently 5 billion shares approved.
The proper SEC documents were filed. None of the moves in the past two weeks were done without the companies lawyers being involved. Kumaran is not a 10% owner and never has been.
The company/BOD may create a new serie of Preferred like Preferred B and issue them to Shapiro with warrant options however they are not allowed to issue Preferred A to anyone without Manu's permission because it expressly states in the designation that approval has to be given by majority holder of Series A. So, they can fire Manu but they can't issue Preferreds to Shapiro or anyone else if Manu objects.
The controlling right would be a huge argument IMO and is far from over. Just because he gave himself those shares does not mean he will keep them I don't care what anyone says. At end of day he may end of with 40 million common if even that IMO.
This would mean Shapiro currently holds 10 billion shares of voting rights and would mean what he says goes with his past track record that is scary. Manu has a very sound argument IMO.
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