Both Rocky Mountain Chocolate Factory and activists AB Value Management and Bradley Radoff have sent letters to shareholders, seeking support ahead of the upcoming August 18 annual meeting.

In a July 19 letter, 17.6% stakeholders AB Value and Radoff criticized Rocky Mountain for its “dysfunctional corporate governance and insufficient boardroom diversity,” adding that Chairman Jeffrey Geygan’s reign had been unstable at best.

The activist group, which has nominated Mary Bradley and Correne Loeffler as candidates for election to the company’s board, believes that Geygan, who “seemingly orchestrated the selection of his long-time associate, Robert Sarlls, as [CEO] and previously sought control of the company, is prioritizing a self-serving agenda.”

AB Value and Radoff also contested Brett Seabert and Mark Riegal’s position on Rocky Mountain’s board, citing experience and suitability concerns.

Rocky Mountain released its own letter the same day, slamming the activists for causing “another costly and distracting proxy fight.”

The company noted this was the third fight in four years, and the dissidents are seeking to elect two candidates despite already having two seats on the board. It added that the election of the two new nominees would give the activists board representation “far disproportionate to their stock ownership.”

In the letter, Rocky Mountain attempted to reassure shareholders that its new CEO, Rob Sarlls, was moving ahead with a detailed pan to deliver shareholder value under the direction of the board.

The company also said that the AB Value had rejected settlement offers by the board, including to appoint one of AB Value’s nominees, and reimburse the activist $500,000 for expenses, on the condition that the activist agree to a two-year standstill.