HEAR - Turtle Beach gains after holder Donerail nominates six directors Citron tweets on 'imminent' takeover

Turtle Beach (NASDAQ:HEAR) rose 5.7% after holder Donerail Group nominated six candidates to the gaming headphone maker's board and following a tweet from Citron Research that a takeover is "imminent." Donerail also announced that SCW Capital Management, another Turtle Beach holder, has joined the activist investor's group and together the funds have an 8.5% stake, according to a statement. Donerail officially started its proxy battle with Turtle Beach (HEAR) earlier this month after the investor said it dropped its bid to purchase the company and planned to nominate a full slate of directors to the board. "It is clear to us that wholesale change is urgently needed in Turtle Beach’s boardroom in order to catalyze enhanced value creation," Donerail Managing Member Will Wyatt wrote in a letter to holders. "For far too long, shareholders have seen the current board preside over chronic underperformance, dismal operating results, poor capital allocation and weak corporate governance." The

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Turtle Beach gains after holder Donerail nominates six directors, Citron tweets on 'imminent' takeover