"In our view, the filing raises the possibility that HEAR may once again be the target of efforts by activist investors to effect changes in its direction," McGowan wrote. "We do not believe that Toro 18 has made any specific proposals yet regarding HEAR, but history suggests this is not going to be a passive investment."
“The ‘poison pill’ is set to go in effect if a person or group acquires beneficial ownership of 12% or more of the company’s common stock in a transaction not approved by the board, according to a statement. The rights plan is set to expire in a year. The poison pill comes after Toro 18, which is part of Immersion Corp. (IMMR), on Thursday disclosed its stake in Turtle Beach in a 13D filing.”
