Brief: Acacia Announces Internal Investigation Into Former CEO's Apparent Misconduct

Acacia Research

30/12/2022 21:59

Dec 30 (Reuters) - Acacia Research Corp  ACTG.O :
    * ACACIA ANNOUNCES INTERNAL INVESTIGATION INTO FORMER CEO’S
APPARENT MISCONDUCT AND RELEASES PRELIMINARY FINDINGS
    * ACACIA RESEARCH CORP - BOARD HAS BEEN CONDUCTING AN
INTERNAL
INVESTIGATION INTO APPARENT MISCONDUCT OF FORMER CHIEF EXECUTIVE
OFFICER CLIFFORD PRESS
    * ACACIA RESEARCH CORP - BOARD'S INTERNAL INVESTIGATION, IS
CONTINUING TO REVIEW MR. PRESS' USE OF CORPORATE FUNDS AND
RESOURCES DURING HIS TENURE
    * ACACIA RESEARCH CORP - AFTER BOARD INFORMED PRESS IT WAS
AWARE
OF POTENTIAL INSTANCES OF MISCONDUCT, PRESS RESIGNED AS BOTH
CEO, DIRECTOR
    * ACACIA RESEARCH CORP - PRELIM FINDINGS INCLUDE PRESS
PROVIDED
INACCURATE INFORMATION ON CERTAIN SUBMISSIONS OF CORPORATE
EXPENSES
    * ACACIA RESEARCH CORP - BOARD DOES NOT CURRENTLY ANTICIPATE
ANY
MATERIAL CHANGES TO ACACIA'S HISTORICAL FINANCIAL STATEMENTS OR
RELATED DISCLOSURES
    * ACACIA RESEARCH CORP -  BOARD'S INTERNAL INVESTIGATION IS
CONTINUING TO REVIEW PRESS' USE OF CORPORATE FUNDS AND RESOURCES
DURING HIS TENURE
    * ACACIA RESEARCH CORP - PRELIM FINDINGS INCLUDE PRESS
"APPEARS TO
HAVE MISUSED" CORPORATE FUNDS FOR PERSONAL USE
    * ACACIA RESEARCH CORP - ON DECEMBER 30, PRESS FILED A
LAWSUIT
AGAINST ACACIA IN DELAWARE COURT OF CHANCERY TO BE REINSTATED AS
A DIRECTOR OF COMPANY
    * ACACIA RESEARCH CORP - ACACIA HAS FILED ARBITRATION
PROCEEDINGS
PURSUANT TO ITS EMPLOYMENT AGREEMENT WITH PRESS
    * ACACIA RESEARCH CORP - PRELIM FINDINGS INCLUDE PRESS MADE
CHARITABLE DONATIONS IN HIS OWN NAME USING CORPORATE FUNDS

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