Parametric Settlement
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WELCOME TO THE PARAMETRIC SETTLEMENT WEBSITE

The hearing on the fairness of Settlement and related matters is scheduled for May 18, 2020, at 9:00 a.m., and will be conducted by telephone. While the Court has yet to provide dial-in information for the May 18th telephonic hearing, any individuals who wish to call in should email the Claims Administrator at info@parametricshareholderlitigation.com or call 1-866-458-2206.  The Claims Administrator  will forward the dial-in information when received from the Court.

This website has been established to provide general information related to the proposed Parametric Sound Corporation (“Parametric” or the “Company”) Settlement. This is a shareholder class and derivative action currently pending before the Honorable Elizabeth Gonzalez in the Eighth Judicial District Court for the State of Nevada, Clark County (the “Court”), and is known as In re Parametric Sound Corporation Shareholders’ Litigation, Lead Case No. A-13-686890-B. The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") filed on November 15, 2019, which can be found and downloaded by clicking on the Case Documents tab above.

The Court has appointed the law firms of Robbins Geller Rudman & Dowd LLP and Saxena White P.A. as Co-Lead Counsel for the Class.  You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

This is a shareholder class action brought against nominal defendant Turtle Beach Corporation ("Turtle Beach")  and certain of its officers and directors (collectively, "Defendants") for alleged breaches of fiduciary duty in connection with a reverse merger wherein VTB Holdings, Inc. merged into a Parametric subsidiary (the "Merger") and that defendants Stripes Group, LLC, SG VTB Holdings, LLC, and VTB Holdings, Inc.  aided and abetted those breaches of fiduciary duty.  In addition, the lawsuit alleges derivatively, on behalf of Turtle Beach, that the Defendants breached their fiduciary duties to Parametric in connection with the Merger and that Stripes Group, LLC, SG VTB Holdings, LLC and VTB Holdings, Inc. aided and abetted in those breaches. The Merger closed on January 15, 2014.  .  

If you held Parametric common stock on January 15, 2014 at the time Parametric issued shares in the Merger pursuant to the Agreement and Plan of Merger, whether beneficially or of record, you are a Class Member.   As set forth in the Stipulation, excluded from the Class are: Defendants, exectutive officers of Parametric as of January 15, 2014, and their legal representatives, heirs, successors-in-interest, transferees and assignees. Also excluded from the Class is any Class Member who timely and validly requests exclusion pursuant to the requirements described in the Notice of Proposed Settlement of Class and Derivative Action (the "Notice").

WHAT DOES THE SETTLEMENT PROVIDE?

The proposed Settlement will create a cash settlement fund of $9,650,000 (the “Settlement Fund”), plus any interest that may accrue thereon less certain deductions.

The Settlement Fund, subject to deduction for, among other things, costs of class notice and administration and certain taxes and tax-related expenses, as well as attorneys’ fees and expenses, and the amount to Plaintiffs in connection with their representation of the Class, as approved by the Court, will be available for distribution to Class Members. Your recovery from this fund will depend on a number of variables, including how many shares of Parametric common stock you held on January 15, 2014, and how many other Class Members make claims. 

ADDITIONAL INFORMATION

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and the Stipulation. We recommend that you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A PROOF OF CLAIM

The only way to be eligible to receive a payment.  Proofs of Claim  must be postmarked or submitted online on or before June 3, 2020.

EXCLUDE YOURSELF

Receive no payment.  This is the only option that potentially allows you to ever be part of any other lawsuit against the Defendants or any of the Released Defendant Parties about the legal claims related to the the issues raised in this Litigation.  Exclusions must be received no later than May 4, 2020, unless you object (as described below).

OBJECT 

Write to the Court about why you oppose the Settlement, the Plan of Allocation, the request for attorneys’ fees and expenses and/or Plaintiffs' request for reimbursement of time and expenses.  You will still be a member of the Class.  Objections must be received by the Court and counsel for the Settling Parties on or before May 4, 2020.  The Court has ruled that it will conduct a hearing within three (3) days of when an objection is filed.  Any such objector shall have an additional five (5) days after the relevant objection hearing to submit a request for exclusion. 

GO TO THE HEARING ON MAY 18, 2020, AND FILE A NOTICE OF INTENTION TO APPEAR

Ask to speak in Court about the fairness of the Settlement.  Requests to speak must be received by the Court and counsel for the Settling Parties on or before May 4, 2020.

 DO NOTHING 

Receive no payment from the Settlement. Members of the Class or Merger Stockholders who do nothing remain bound by the terms of the Settlement unless you have requested exclusion from the Class.

 

IMPORTANT DATES AND DEADLINES

Submit Proof of Claim

June 3, 2020

Request Exclusion 

May 4, 2020

Submit Written Objection 

May 4, 2020

Submit Notice of Intention to Appear   

May 4, 2020

Settlement Hearing 

May 18, 2020, at 9:00 a.m. PST