The Briscoe Law Firm Investigates Acxiom Corp. on Behalf of Shareholders for Possible Breaches of Fiduciary Duties by its Off...
April 28 2011 - 10:17AM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the securities litigation firm of Powers
Taylor, LLP are investigating potential legal claims against the
officers and Board of Directors of Acxiom Corp. (“Acxiom” or
“ACXM”) (NASDAQ: ACXM) during the period of October 27, 2010
through March 30, 2011 (the “Class Period”).
It has been alleged in a recently-filed complaint that during
the Class Period, Acxiom and certain of its officers and directors
made materially false and misleading statements or failed to
disclose material information related to the company's business and
operations in violation of the Securities Exchange Act of 1934.
Specifically, the complaint alleges: (i) that Acxiom was
experiencing a significant decline in its international operations
and was not operating according to plan; (ii) that Acxiom failed to
properly and timely account for impaired assets related to its
international operations; and (iii) that, as a result of the
foregoing, defendants’ statements regarding the Acxiom’s financial
performance and expected earnings were false and misleading and
lacked a reasonable basis when made.
On March 30, 2011, ACXM abruptly announced that its Chief
Executive Officer and President, John A. Meyer, had resigned
effective March 28, 2011, and that its Chief Financial Officer,
Christopher W. Wolf, would also step down in the second quarter of
calendar 2011. Additionally, ACXM forecasted a weak fiscal fourth
quarter, with adjusted earnings of $0.18 - $0.22 per share and
revenue between $295 million and $299 million for the quarter ended
March 31, 2011, compared to analyst forecasts of adjusted earnings
of $0.24 per share and $303 million in revenue. On this news,
Acxiom’s stock fell more than 22%.
If you currently own or purchased Acxiom/ACXM shares and would
like additional information regarding this investigation or if you
have information regarding the allegations against the company,
please contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie
Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or
via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or
fee to you.
The Briscoe Law Firm is a full service business litigation,
commercial transaction, and public advocacy firm with more than 20
years of experience in complex litigation and transactional
matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
Acxiom (NASDAQ:ACXM)
Historical Stock Chart
From Sep 2024 to Oct 2024
Acxiom (NASDAQ:ACXM)
Historical Stock Chart
From Oct 2023 to Oct 2024