Shareholder secretly selling shares to another shareholder, making the buying shareholder a majority owner

I recently started a LLC company with two business partners/friends. We'll call them Owner #1 and Owner #2, and myself Owner #3. We verbally agreed our shares as Owner#1 = 37.5%, Owner #2 = 37.5% and myself, Owner #3 = 25%. Months later, we are actually profitable and Owner #2 is hurting for money and wants a dividend now. I meet with Owner #1 to talk about what the company could reasonably afford to issue a dividend now, with the willingness to put my dividend back into the company. We didn't come to a decision on when and how much, but I left the meeting with reasonable understanding this would be our approach. However, a few days later Owner #1 tells me he privately bought out all of Owner #2's shares with a private agreement between the two of them, thus making him the majority owner without any prior notification to the rest of the shareholders. There is no buy-out arrangement in our original Shareholder agreement. Can he legally do this?