Acxiom Corporation Investor Securities Class Action Lawsuit 04/26/2011

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Company Name(s): 
Case Name: 
Acxiom Shareholder Class Action Lawsuit 04/26/2011
Case Status: 
Lawsuit Filed
Case Status: 
Case Dismissed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Eastern District of Arkansas
Deadline To File for Lead: 
Case Dismissed: 

August 29, 2011 - Notice of voluntary dismissal was filed by the lead plaintiff.

June 30, 2011 - Lead plaintiff and lead counsel were appointed.

June 27, 2011 - Lead plaintiff motion was filed.

April 26,2012 - An investor in Acxiom Corporation (NASDAQ: ACXM) shares filed a lawsuit in the U.S. District Court for the Eastern District of Arkansas against Acxiom Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 27, 2010 and March 30, 2011.

According to the complaint the plaintiff alleges that on behalf of purchasers of the common stock of Acxiom Corporation (NASDAQ: ACXM) between October 27, 2010 and March 30, 2011, that Acxiom Corporation and certain of its officers and executives violated the Securities Exchange Act of 1934 by failing to disclose between October 27, 2010 and March 30, 2011 material adverse facts about its true financial condition, business and prospects.

Acxiom Corporation's 12 months Total Revenue declined over the past four filing periods. Its 12 months Total Revenue decreased from $1.390 billion to lately $1.099 billion. Its Net Income decreased from $67.87 million to lately $44.55 million.

Shares of Acxiom Corporation (NASDAQ: ACXM) traded during 2006 as high as $26.46 per share and even reached in 2007 $28.03 per share. During 2008 and 2009 ACXM shares fell to as low as $6.78, respectively $7.19 per share. During 2010 ACXM shares rose to almost $20 per share and traded during January and February 2011 around $18 per share.

Then on March 30, 2011 Acxiom Corporation announced among other things that John A. Meyer notified the company of his resignation from his positions as the Chief Executive Officer and President of Acxiom Corporation, and as a member of its Board of Directors, effective March 28, 2011. The data services company gave no reason for the departure of John A. Meyer, but said also that its chief financial officer, Christopher Wolf, plans to step down.
Acxiom Corporation further said that it expects to record a non-cash impairment charge of $50 million to $90 million in the fourth quarter in connection with a write-down of the carrying value of goodwill and other long-lived assets associated with its international operations. Acxiom Corporation also forecasts a weaker fiscal fourth quarter.

Following the announcement shares of Acxiom Corporation (NASDAQ: ACXM) fell from $17.46 on Tuesday to $12.63 per share during Wednesday’s trading.

Acxiom Corporation (NASDAQ: ACXM) closed on March 30, 2011 at $13.50 per share and closed on April 29, 2011 at $14.56 per share.