I don't think it's an issue of not being properly notified at the custodianship stage. I think the issue is that Calasse wasn't a defendant at that stage and therefore had to be notified before canceling his shares.
If he were already a defendant, the process would have been different. But since he wasn't, they didn't follow the proper procedure.
I also am not convinced that the court should allow shares to be canceled as part of a custodianship lawsuit. It sounds like a completely different lawsuit to me, so it should have been handled like the current SRNW and GVSI share cancellations.