Firms File Shareholder Class Action Against Acxiom

Share this content:
At least two law firms this week began recruiting plaintiffs for a shareholder lawsuit against Acxiom Corp., Conway, AR, after the recent decline in the database company's stock price.


The suits were filed in U.S. District Court in Arkansas by the law offices of Stephen E. Cauley, Little Rock, AR, and Milberg Weiss, San Diego, alleging that the prospectus Acxiom filed for the secondary offering was false and misleading and failed to reveal the significance of Acxiom's contract renewal with Allstate Insurance Co., Northbrook, IL.


In July, Acxiom raised $146.37 million through the secondary offering, which was priced at $27 a share for about 5.4 million shares. Its stock price has since fallen to below $17.


Both lawsuits cite an Aug. 30 article in Barrons that said Acxiom might have manipulated its earnings statement in the most recent quarter and that it had to renegotiate the pricing on its Allstate deal because of intense competition.


"The litigation and the press releases are groundless and have no merit," said Acxiom spokesman Dale Ingram.
close

Next Article in Marketing Strategy

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above