Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Acxiom Corporation
21 May 2011 - 12:04PM
Business Wire
Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/acxm)
announces that a class action lawsuit has been filed in the United
States District Court for the Eastern 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").
For more information regarding this class action suit, please
contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire)
toll-free at (877) 316-3218 or by email at rmaniskas@rmclasslaw.com
or visit: www.rmclasslaw.com/cases/acxm.
The Complaint alleges that during the Class Period the Company
violated federal securities laws by issuing materially false and
misleading statements thereby artificially inflating the price of
the Company’s securities. Specifically, the complaint alleges that
the Company was experiencing a significant decline in its
international operations and was not operating according to plan
and failed to properly and timely account for impaired assets
related to its international operations.
On March 30, 2011, Acxiom issued a press release announcing the
resignation of its President and Chief Executive Officer, John A.
Meyer, effective March 28, 2011 and the intention of Acxiom’s Chief
Financial Officer, Christopher W. Wolf, to resign in the second
calendar quarter of 2011. The Company further stated as a result of
poor performance of Acxiom’s international operations, Acxiom
expected to record a non-cash impairment charge in the fourth
quarter of fiscal 2011 in an amount between $50 and $90 million. On
this news, shares of Acxiom common stock dropped approximately 22%
to close at $13.50 on March 30, 2011.
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 representative party that acts on
behalf of other class members in directing the litigation. In order
to be appointed lead plaintiff, the Court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. You may retain Ryan & Maniskas,
LLP or other counsel of your choice, to serve as your counsel in
this action.
For more information about the case or to participate online,
please visit: www.rmclasslaw.com/cases/acxm or contact Richard A.
Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at
rmaniskas@rmclasslaw.com. For more information about class action
cases in general or to learn more about Ryan & Maniskas, LLP,
please visit our website: www.rmclasslaw.com.
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