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.
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”) (NASDAQ: 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.
If you own common stock in Parametric Sound and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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