For those unfamiliar, this is Daniel Loeb's MO [1]. When he first purchased his share in Yahoo he fired a similar round at the board of the time, headed by Roy Bostock. [2] Still, lying about your education is pretty serious, and Thompson should answer the charges.
Seems like a useful sort of guy to have around. Certainly he's going to have more effectiveness than the SEC in keeping Yahoo's financial disclosures accurate.
[1] http://nymag.com/nymetro/news/bizfinance/finance/features/10...
[2] http://www.scribd.com/doc/64278509/YHOO-20110908-SC13D-0