Faruqi & Faruqi, LLP, Partner Juan E. Monteverde Launches an Investigation of Parametric Sound Corporation (PAMT) Over the Proposed Sale of the Company to Turtle Beach, Inc.
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors ofParametric Sound Corporation
NEW YORK--(BUSINESS WIRE)-- Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Parametric Sound Corporation ("Parametric Sound" or the "Company") (NAS: PAMT) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Turtle Beach, Inc. ("Turtle Beach"). Under the terms of the proposed transaction, Parametric Sound's stockholders will receive approximately 20% of the combined company's outstanding shares, and Turtle Beach's stockholders will receive approximately 80% of the outstanding shares after the merger. Moreover, the merger agreement requires Parametric Sound to raise at least $5 million in additional debt or equity prior to the consummation of the merger. Furthermore, $12 million of Turtle Beach's non-convertible preferred stock will remain outstanding, plus dividends accrued. Subsequent to the deal announcement, Parametric Sound's stock decreased nearly 21%, or $3.69 per share, to close at $14.00 per share.
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The investigation focuses on whether Parametric Sound's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Parametric Sound's shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
If you own common stock in Parametric Sound and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/PAMT or contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
Toll Free: (877) 247-4292
Phone: (212) 983-9330
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