and POWAY, Calif.,
Aug. 9, 2013
Shareholder rights attorneys
at Robbins Arroyo LLP are investigating the proposed merger between Parametric Sound Corporation (NASDAQ: PAMT) ("Parametric Sound") and VTB Holdings, Inc. ("Turtle Beach"). On
August 5, 2013
, the two companies announced a definitive agreement to merge in a stock for stock transaction. The transaction is expected to close before the end of the calendar year.
Is the Merger Best for Parametric Sound Shareholders?
Robbins Arroyo's investigation focuses on whether the board of directors at Parametric Sound is undertaking a fair process to obtain maximum value and adequately compensate its shareholders in the merger. According to the terms of the agreement, Parametric Sound shareholders will receive 20% of the common stock of the combined company and Turtle Beach shareholders will receive 80% of the outstanding shares. Further, a condition of the deal requires Parametric Sound to raise at least
in additional debt or equity prior to the closing of the transaction. In addition,
of non-convertible preferred stock of Turtle Beach will remain outstanding, plus dividends accrued. On news of the merger, Parametric Sound's stock declined nearly 21%, or
per share, to close at
Given these facts, Robbins Arroyo is examining whether Parametric Sound's board of directors breached their fiduciary duties to shareholders in agreeing to be acquired by Turtle Beach.
Parametric Sound shareholders have the option to file a
class action lawsuit
to secure the best possible price for shareholders and the disclosure of material information to shareholders. Parametric Sound shareholders interested in information about their rights and potential remedies can contact attorney
Darnell R. Donahue
at (800) 350-6003,
, or via the
shareholder information form
on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than
of value for themselves and the companies in which they have invested. For more information, please go to
Press release link:
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