HEAR - Activist Donerail urges Turtle Beach holders to prepare for board vote

Activist investor Donerail Group has reached out to shareholders of Turtle Beach (HEAR -2.3%), looking to grease the skids for its campaign to elect six directors to the gaming equipment maker's board. Since nominating the full slate, "we have been overwhelmed by the enthusiastic response we have received from shareholders indicating their desire for change," Donerail writes in a letter to Turtle Beach's holders. Since Juergen Stark became CEO, Turtle Beach stock has underperformed an industry peer set by over 150%, EBITDA margins have been halved and growth has halted, Donerail says. "Over the past year Donerail has been working diligently on a better operating plan for Turtle Beach that we believe will quickly improve profit margins, return credibility to the Board, right size the Company’s capital allocation policies, invigorate growth and fully reset the path forward," the group says. The annual meeting is coming in June, and Donerail expects

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Activist Donerail urges Turtle Beach holders to prepare for board vote