Acacia says it is probing former CEO's 'apparent misconduct'

Acacia Research

31/12/2022 24:11

Dec 30 (Reuters) - Acacia Research  ACTG.N , the
acquisition platform backed by activist hedge fund Starboard
Value, said on Friday it had been conducting an internal
investigation into the "apparent misconduct" of former chief
executive officer Clifford Press.
    The company said its preliminary findings showed that Press
appeared to have misused corporate funds for personal use and
for making charitable donations in his own name. 
    Lawyers for Press could not be immediately reached for
comment. But in a statement to the Wall Street Journal, Press
said Acacia's claims were "entirely meritless" and had "already
been refuted."
    In October, Acacia announced Press would resign as CEO and a
director.
    Acacia said that earlier on Friday, Press sued the company,
seeking to be reinstated as a director. Acacia said the lawsuit
"lacks merit."
    Shares of the company fell over 7% in extended trade.
 (Reporting by Niket Nishant in Bengaluru; Editing by David
Gregorio and Leslie Adler)
 ((Niket.Nishant@thomsonreuters.com;))