NexPoint to withhold its votes against all three Paratek Board members

NexPoint Asset Management, L.P., together with its affiliates, who beneficially own approximately 12% of the outstanding common stock of Paratek Pharmaceuticals, issued an open letter to the company’s Board of Directors announcing its plans to withhold its votes against all three Board members up for election at the company’s upcoming Annual Meeting of Stockholders scheduled for July 6. In the open letter, NexPoint notes its reasons for withholding its vote against these directors, including its serious concerns with the Board’s lack of oversight in holding management accountable for years of underperformance. NexPoint also states in the letter that it intends to carefully scrutinize the process undertaken by the Board in approving the proposed acquisition of the company by Gurnet Point Capital, LLC, once the company makes available additional information, and may vote against the transaction if the information provided does not demonstrate a robust sale process to justify the proposed purchase price.