NexPoint Sends Demand Letter for Books and Records to Paratek Pharmaceuticals in Connection with Proposed Acquisition by Gurnet Point Capital

Rhea-AI Summary

NexPoint Event Driven Fund demands access to all records to investigate potential breach of fiduciary duty by Paratek Pharmaceuticals' board of directors in relation to the proposed acquisition.

Positive

• NexPoint Event Driven Fund holds approximately 11.7% of Paratek Pharmaceuticals' outstanding common stock.

Negative

• No concrete business takes or numbers identified.

Plans to Investigate All Records to Ensure Board Did Not Breach Fiduciary Duty

DALLAS, July 11, 2023 /PRNewswire/ -- NexPoint Event Driven Fund today issued a demand letter to the Board of Directors of Paratek Pharmaceuticals, Inc. (NASDAQ:PRTK) (the "Company") to make available all books and records surrounding the proposed acquisition of the Company in order to investigate whether any board members breached their fiduciary duties in connection with the proposed acquisition. NexPoint Event Driven Fund is advised by NexPoint Asset Management, L.P. and together with other stockholders (collectively, "NexPoint"), are members of a group who beneficially own approximately 11.7% of the Company's outstanding common stock.

The full demand letter can be found here.

About NexPoint Event Driven Fund

NexPoint Event Driven Fund is an open-end mutual fund advised by NexPoint Asset Management, L.P. The fund invests in event catalysts including mergers, acquisitions, tender offers, restructuring, spin-offs, refinancings, recapitalizations or economic events that can impact specific industries.

About NexPoint Asset Management, L.P.

NexPoint Asset Management, L.P. is an SEC-registered investment adviser. NexPoint Asset Management, L.P. is the adviser to a suite of registered funds, including open-end mutual funds, closed-end funds, and an exchange-traded fund. The funds draw on NexPoint's investment capabilities, covering a range of asset classes and strategies. For more information visit www.nexpointassetmgmt.com/. 

CONTACT

Mike Geller
Prosek Partners for NexPoint
mgeller@prosek.com

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SOURCE NexPoint Asset Management, L.P.

FAQ

What is the demand letter about?

The demand letter is about investigating a potential breach of fiduciary duty by Paratek Pharmaceuticals' board of directors in relation to the proposed acquisition.

Who issued the demand letter?

NexPoint Event Driven Fund issued the demand letter.

What percentage of Paratek Pharmaceuticals' outstanding common stock does NexPoint Event Driven Fund own?

NexPoint Event Driven Fund owns approximately 11.7% of Paratek Pharmaceuticals' outstanding common stock.