Olshan Client The Donerail Group Launches Proxy Contest at Turtle Beach
Law360, Reuters and other media outlets reported that Olshan client The Donerail Group, teaming up with SCW Capital Management LP, is launching a proxy contest that aims to overhaul the entire board of computer and gaming accessories maker Turtle Beach Corp., citing underperformance and "weak corporate governance." Donerail and SCW jointly own 8.5% stake in Turtle Beach and have nominated a full slate of six independent directors noting that wholesale change is required in the Turtle Beach boardroom because of "chronic underperformance, dismal operating results, poor capital allocation and weak corporate governance." In addition, they have also requested for Turtle Beach to adopt the use of the universal proxy cards in the upcoming election. Andrew Freedman, Ian Engoron and Jack Meara represent The Donerail Group in its proxy campaign at Turtle Beach.