Lieff, Cabraser, Heimann & Bernstein, LLP Announces Class Action Lawsuit Against Acxiom Corporation
May 10 2011 - 9:00AM
Business Wire
The law firm of Lieff, Cabraser, Heimann & Bernstein, LLP
announces that a class action lawsuit has been brought on behalf of
all persons who purchased or otherwise acquired the common stock of
Acxiom Corporation (“Acxiom” or the “Company”) (Nasdaq: ACXM)
between October 27, 2010 and March 30, 2011, inclusive (the “Class
Period”).
If you purchased Acxiom common stock during the Class Period,
you may move the Court for appointment as lead plaintiff by no
later than June 27, 2011. A lead plaintiff is a representative
party who acts on behalf of other class members in directing the
litigation. Your share of any recovery in the action will not be
affected by your decision of whether to seek appointment as lead
plaintiff. You may retain Lieff Cabraser, or other attorneys, as
your counsel in the action.
Acxiom shareholders who wish to learn more about the action and
how to seek appointment as lead plaintiff may visit Lieff
Cabraser’s website at
http://www.lieffcabraser.com/securities-investor-fraud/case/467/acxiom-corporation-securities-class-litigation
or contact Sharon Lee of Lieff Cabraser toll free at (800)
541-7358.
Background on Acxiom Securities Class
Litigation
The action, filed in the United States District Court for the
Eastern District of Arkansas, is brought against Acxiom and certain
of its officers and directors for violations of the Securities
Exchange Act of 1934. Acxiom, headquartered in Little Rock,
Arkansas, describes itself as a recognized leader in marketing
services and technology that enables marketers to manage audiences,
personalize consumer experiences and create profitable customer
relationships.
The action alleges that during the Class Period, defendants
misrepresented and omitted material information regarding Acxiom’s
true financial condition. Specifically, throughout the Class
Period, defendants allegedly failed to disclose (i) that the
Company was experiencing a significant decline in its international
operations and was not operating according to plan; (ii) that the
Company 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
Company’s financial performance and expected earnings were false
and misleading and lacked a reasonable basis when they were
made.
On March 30, 2011, Acxiom 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, also planned to step down in the second calendar quarter of
2011. Additionally, Acxiom forecasted a weak fiscal fourth quarter
ending March 31, 2011, with adjusted earnings of $0.18 to $0.22 per
share and revenue between $295 million and $299 million, compared
to analyst forecasts of adjusted earnings of $0.24 per share and
$303 million in revenue. Acxiom also announced that it expects to
record an impairment charge of between $50 million and $90 million
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,
the price of Acxiom’s common stock fell $3.96 per share, or 22.7%,
from a closing price on March 29, 2011, to close at $13.50 per
share on March 30, 2011, on unusually heavy trading volume.
About Lieff Cabraser
Lieff, Cabraser, Heimann & Bernstein, LLP, with offices in
San Francisco, New York and Nashville, is a nationally recognized
law firm committed to advancing the rights of investors and
promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser
as one of the top plaintiffs’ law firms in the nation. In compiling
the list, the National Law Journal examined recent verdicts and
settlements in addition to overall track records. Lieff Cabraser is
one of only two plaintiffs’ law firms in the United States to
receive this honor for the last eight consecutive years.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Acxiom (NASDAQ:ACXM)
Historical Stock Chart
From Sep 2024 to Oct 2024
Acxiom (NASDAQ:ACXM)
Historical Stock Chart
From Oct 2023 to Oct 2024