Acacia Research Endorses the New Directors of Immersion Corp
April 21 2020 - 6:00AM
Business Wire
Acacia Supports the Shareholder Agreement with
VIEX Capital Advisors
Views Cost Cutting Plan and the Formation of
Strategic Committee as Promising First Steps
Expects New Board to Effectively Oversee
Operating Plan, Review Strategy and Hold Management Accountable
Acacia Research Corporation (“we”, "Acacia) (Nasdaq: ACTG) today
provided an update on its investment in Immersion Corporation
(Nasdaq: IMMR) ("Immersion") and its previous nomination of
directors for election to the Board of Directors of Immersion (the
"Board") .
“On August 1, 2019 we stated on Schedule 13D that we believed
Immersion shares were trading at a discount to intrinsic value
owing to corporate missteps and errors of strategy,” commented Al
Tobia, President and Chief Investment Officer of Acacia Research
Corporation. “We objected to the composition of the Immersion Board
and their failure to hold management accountable for a profitable
operating plan. We continued to monitor Immersion and, after seeing
no progress, on December 26, 2019 we nominated a slate of highly
qualified director candidates for election to the Board.”
Mr. Tobia continued, “We are now withdrawing our board nominees
in light of VIEX Capital Advisors’ agreement with the company, and
the resulting reconstitution of the Board and formation of a
Strategic Committee. We expect the new Board to hold management
accountable for a risk adjusted operating plan as well as
thoroughly vet strategic paths forward, and will continue to
monitor our investment in Immersion in light of those
objectives.”
Clifford Press, Acacia’s Chief Executive Officer, stated, “We
are gratified to have served as a catalyst for positive changes at
Immersion. We have been encouraged by the recent cost reduction
actions and we view the formation of the Strategic Committee of the
Board as an integral step to realizing stockholder value.
Shareholder engagement was a necessary catalyst for change at
Immersion and we believe the steps the Board is now taking will
serve the best interests of Immersion and its stockholders.”
About Acacia Research Corporation
Founded in 1993, Acacia Research Corporation (ACTG) invests in
Intellectual Property Assets and partners with inventors and patent
owners to realize the financial value in their patented inventions.
Acacia bridges the gap between invention and application,
facilitating efficiency and delivering monetary rewards to the
patent owner.
Information about Acacia Research Corporation and its
subsidiaries is available at www.acaciaresearch.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This news release contains forward-looking statements within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. These statements are based upon our
current expectations and speak only as of the date hereof. Our
actual results may differ materially and adversely from those
expressed in any forward-looking statements as a result of various
factors and uncertainties, including the ability to successfully
implement our strategic plan, the ability to successfully build out
a new leadership team within a certain timeframe, the ability to
streamline financial reporting, the ability to successfully develop
licensing programs and attract new business, changes in demand for
current and future intellectual property rights, legislative,
regulatory and competitive developments addressing licensing and
enforcement of patents and/or intellectual property in general,
general economic conditions and the success of our investments. Our
Annual Report on Form 10-K, recent and forthcoming Quarterly
Reports on Form 10-Q, recent Current Reports on Form 8-K, and any
amendments to the forgoing, and other SEC filings discuss some of
the important risk factors that may affect our business, results of
operations and financial condition. We undertake no obligation to
revise or update publicly any forward-looking statements for any
reason.
The results achieved in the most recent quarter are not
necessarily indicative of the results to be achieved by us in any
subsequent quarters, as it is currently anticipated that Acacia
Research Corporation’s financial results will vary, and may vary
significantly, from quarter to quarter. This variance is expected
to result from a number of factors, including risk factors
affecting our results of operations and financial condition
referenced above, and the particular structure of our licensing
transactions, which may impact the amount of inventor royalties and
contingent legal fees expenses we incur from period to period.
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version on businesswire.com: https://www.businesswire.com/news/home/20200421005281/en/
Acacia Research Investor Contact: FNK IR Rob Fink,
646-809-4048 rob@fnkir.com
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