Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Acxiom Corp.
April 26 2011 - 7:37PM
Business Wire
Robbins Geller Rudman & Dowd LLP (“Robbins Geller”)
(http://www.rgrdlaw.com/cases/acxiom/) today announced that a class
action has been commenced on behalf of an institutional investor in
the United States District Court for the Eastern District of
Arkansas on behalf of purchasers of the common stock of Acxiom
Corporation (“ACXM” or “the Company”) (Nasdaq:ACXM) between October
27, 2010 and March 30, 2011, inclusive (the “Class Period”),
seeking to pursue remedies under the Securities Exchange Act of
1934 (the “Exchange Act”).
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff’s counsel, David J. George
or Robert J. Robbins of Robbins Geller at 800/449-4900 or
619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member
of this Class, you can view a copy of the complaint as filed or
join this class action online at
http://www.rgrdlaw.com/cases/acxiom/. Any member of the putative
class may move the Court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent
class member.
The complaint charges ACXM and certain of its officers and
executives with violations of the Exchange Act. ACXM describes
itself as “a recognized leader in marketing technology and services
that enable marketers to successfully manage audiences,
personalized consumer experiences and create profitable customer
relationships.”
The complaint alleges that, throughout the Class Period,
defendants failed to disclose material adverse facts about the
Company’s true financial condition, business and prospects.
Specifically, the complaint alleges: (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 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. ACXM 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, the price of ACXM’s common stock fell 22.7%, from
a closing price of $17.46 on March 29, 2011, to close at $13.50 per
share on March 30, 2011, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers
of the common stock of ACXM during the Class Period (the “Class”).
The plaintiff is represented by Robbins Geller, which has expertise
in prosecuting investor class actions and extensive experience in
actions involving financial fraud.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San
Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and
Atlanta, is active in major litigations pending in federal and
state courts throughout the United States and has taken a leading
role in many important actions on behalf of defrauded investors,
consumers, and companies, as well as victims of human rights
violations. The Robbins Geller Web site (http://www.rgrdlaw.com)
has more information about the firm.
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