3 unchanged sentences
Shareholders Class Action :
−Removed: On August 5, 2013, VTBH and the Company (f/k/a Parametric Sound Corporation) announced that they had entered into the Merger Agreement pursuant to which VTBH would acquire approximately 80% ownership interest and existing shareholders would maintain approximately 20% ownership interest in the combined company (the “Merger”).
+Added: On August 5, 2013, VTBH and the Company (f/k/a Parametric Sound Corporation) announced that they had entered into the Merger Agreement pursuant to which VTBH would acquire an approximately 80% ownership interest and existing shareholders would maintain an approximately 20% ownership interest in the combined company (the “Merger”).
Following the announcement, several shareholders filed class action lawsuits in California and Nevada seeking to enjoin the Merger.
16 unchanged sentences
On January 13, 2020, the district court preliminarily approved the settlement between the plaintiffs and all defendants.
−Removed: A final approval hearing was held on May 18, 2020, wherein the Court approved the settlement and entered final judgment.
−Removed: On May 22, 2020, PAMTP LLC, which purports to hold the claims of eight shareholders who opted out of the class settlement described above, brought suit against the Company, the Company’s CEO, Juergen Stark, Stripes Group, LLC, SG VTB Holdings, LLC, Kenneth Fox and members of the Company’s Board of Directors prior to the merger in Nevada state court.
+Added: A final hearing was held on May 18, 2020, wherein the Court approved the settlement and entered final judgment.
+Added: On May 22, 2020, PAMTP LLC, which purports to hold the claims of eight shareholders who opted out of the class settlement described above, brought suit against the Company, the Company’s CEO, Juergen Stark, Stripes Group, LLC, SG VTB Holdings, LLC, Kenneth Fox, and former members of the Company’s Board of Directors in Nevada state court.
This opt-out action asserts the same direct claims that were asserted by the class of shareholders described above.
1 unchanged sentence
The Court denied those motions by order of August 20, 2020.
−Removed: Discovery is ongoing and the case is scheduled for trial in August 2021.
−Removed: Commercial Dispute:
−Removed: On July 20, 2016, BigBen Interactive S.A.
−Removed: (“BigBen”) filed a statement of claim against VTB before the Regional Court of Berlin, Germany.
−Removed: The statement of claim alleged that VTB’s termination of a distribution agreement by and between BigBen and VTB breached the terms thereof and was invalid, and that BigBen was entitled to damages as a result.
−Removed: On September 30, 2020, the Company and BigBen mutually agreed to resolve this claim.
+Added: The case was tried in August 2021 and all defendants, including the Company, prevailed on all counts with final judgment entered in their favor on September 3, 2021.
+Added: Plaintiff has filed a notice of their intent to appeal the judgment.
+Added: Defendants have pending motions to obtain their costs and fees in successfully defending against the claims, which were heard in December 2021.
Employment Litigation:
3 unchanged sentences
The Company filed a cross-complaint against the former employee on May 25, 2017, for certain activities related to his employment with the Company.
−Removed: Discovery is closed and the case was set for trial on April 6, 2020 in San Diego County Superior Court.
−Removed: Due to the continued closure of the Court, the April 6, 2020 trial date was vacated, and the current trial date is July 9, 2021 .
+Added: The matter was tried between September 24 and October 7, 2021.
+Added: On October 8, 2021, a jury rendered a unanimous verdict in favor of the Company on the employment claims.
+Added: The Court granted a directed verdict to the Company on its Cross Complaint against the former employee.
+Added: Judgment was entered in favor of the Company on October 27, 2021.
+Added: On December 20, 2021, the former employee filed a notice of appeal of the judgment.
Settlement of Disputes :
4 unchanged sentences
Intellectual Property dispute:
−Removed: On November 24, 2020, ABP Technology Limited (ABP) issued a claim for trade mark infringement in the High Court of England and Wales against Voyetra Turtle Beach, Inc.
+Added: On November 24, 2020, ABP Technology Limited (ABP) issued a claim for trademark infringement in the High Court of England and Wales against Voyetra Turtle Beach, Inc.
(“VTB”) and Turtle Beach Europe Limited (“TBEU”) relating to the use by VTB and TBEU of the sign STEALTH on and in relation to gaming headsets in the UK.
−Removed: VTB and TBEU filed and served a Defence to the claim on February 2, 2021.
−Removed: The next stage in the proceedings will be a Case Management Conference (date to be set) at which the Court will give directions for each stage to trial.
−Removed: The trial is expected to be set for mid-2022.
+Added: VTB and TBEU filed and served a Defense to the claim on February 2, 2021.
+Added: On March 31, 2021, ABP filed an application for summary judgement.
+Added: The summary judgment application was heard by the Court in November 2021 and was dismissed.
+Added: VTB and TBEU were granted permission by the Court to amend their Defense to include a counterclaim against ABP for trademark infringement.
+Added: In January 2022, ABP was granted leave to appeal to the Court of Appeal in respect of the decision to allow VTB and TBEU to amend their Defense.
+Added: The appeal is due to be heard before April 13, 2022.
+Added: The next stage in the main proceedings will be a Case Management Conference (date to be set) at which the Court will give directions for each stage to trial.
+Added: The trial is expected to be set for late 2022/early 2023.
The Company will continue to vigorously defend itself in the foregoing matters.
8 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.