Robbins Umeda LLP Announces an Investigation of Acxiom Corporation for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Acxiom Corporation (NASDAQGS: ACXM). Acxiom provides marketing technology and services that enable marketers to manage audiences, personalize consumer experiences, and create customer relationships. Acxiom was founded in 1969, and is headquartered in Little Rock, Arkansas.
Robbins Umeda LLP’s investigation focuses on whether the officers and directors of Acxiom harmed the company by issuing false and misleading statements in press releases, analyst conference calls, and filings with the U.S. Securities and Exchange Commission.
Between October 27, 2010 and February 4, 2011, officers and directors of Acxiom issued press releases, hosted conference calls, and filed documents reflecting positive financial results for the second, third, and fourth quarters of its 2011 fiscal year. Then, on March 30, 2011, Acxiom announced that its Chief Executive Officer and President John A. Meyer had resigned, and that its Chief Financial Officer Christopher W. Wolf would step down in the second calendar quarter of 2011. Further, Acxiom announced a weak fiscal fourth quarter compared to analyst forecasts. The company also announced that it “expects to record a non-cash impairment charge in the fourth quarter of fiscal 2011 in connection with a write-down of the carrying value of goodwill and other long-lived assets associated with its international operations.” On this news, on March 30, 2011, the value of Acxiom’s common stock dropped 22.7% from $17.46 to close at $13.50.
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