Izard Nobel LLP Announces Class Action Lawsuit Against Acxiom Corporation
28 April 2011 - 8:20AM
Marketwired
The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the District of Arkansas on
behalf of purchasers of the common stock of Acxiom Corporation
("Acxiom" or the "Company") (NASDAQ: ACXM) between October 27, 2010
and March 30, 2011, inclusive (the "Class Period").
The Complaint charges Acxiom and certain of its officers and
directors violated federal securities laws. Specifically,
defendants failed to disclose the following adverse facts: (i) that
Acxiom was experiencing a significant decline in its international
operations; (ii) that Acxiom failed to properly and timely account
for impaired assets related to its international operations; and
(iii) that, as a result, defendants' statements regarding the
Company's financial performance and expected earnings were
misleading.
On March 30, 2011, Acxiom announced that its CEO and President
had resigned effective March 28, 2011, and that its CFO would also
step down in the second quarter. Additionally, Acxiom forecasted
adjusted fourth quarter earnings of $0.18-$0.22 per share and
revenue between $295-$299 million, compared to analyst forecasts of
adjusted earnings of $0.24 per share and $303 million in revenue.
Acxiom further announced a non-cash impairment charge in the fourth
quarter of 2011 in connection with a write-down of goodwill and
assets associated with international operations. On this news,
Acxiom fell 22.7%, to close at $13.50 per share.
If you are a member of the class, you may, no later than June
27, 2011, request that the Court appoint you as lead plaintiff of
the class. A lead plaintiff is a class member that acts on behalf
of other class members in directing the litigation. Although your
ability to share in any recovery is not affected by the decision
whether or not to seek appointment as a lead plaintiff, lead
plaintiffs make important decisions which could affect the overall
recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class
action or for more information about the case, and your rights,
visit: www.izardnobel.com/acxiom/, or contact Izard Nobel LLP
toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For
more information about class action cases in general, please visit
our website: www.izardnobel.com.
CONTACT: Nancy A. Kulesa or Wayne Boulton (800)797-5499
www.izardnobel.com Email Contact
Acxiom (NASDAQ:ACXM)
Historical Stock Chart
From Sep 2024 to Oct 2024
Acxiom (NASDAQ:ACXM)
Historical Stock Chart
From Oct 2023 to Oct 2024