Yahoo BoardUPDATE, 12:40 PM: Yahoo‘s board has announced it has formed a special committee to review CEO Scott Thompson’s academic credentials and how they were disclosed during the hiring process. It has brought on an independent counsel to help with the review. “The special committee and the entire Board appreciate the urgency of the situation and the special committee will therefore conduct the review in an independent, thorough and expeditious manner,” the company said. “The Board intends to make the appropriate disclosures to shareholders promptly upon completion of the review.”

PREVIOUS, 12:03 PM: It looks like dissident investor Daniel Loeb and his Third Point has struck a nerve at Yahoo. Bloomberg says Patti Hart was on the committee charged with vetting CEO Scott Thompson for the company, which admitted it inaccurately described Thompson’s college credentials after he was hired away from eBay. Loeb wanted Thompson fired Monday, and said yesterday he was entitled to inspect books and records tied to the board’s decision to hire Thompson, as well as other material that would shed light on the naming of directors Hart, Peter Liguori, John Hayes, Thomas McInerney, Maynard Webb Jr, and Fred Amoroso. Loeb is lobbying to be named to the board along with restructuring expert Harry Wilson, media consultant Michael Wolf, and former NBCUniversal CEO Jeff Zucker. Yahoo says it is reviewing the matter.