Acacia is investigating the former director
2022.12.31 02:30
Acacia is investigating the former director
Budrigannews.com – Acacia Research, the acquisition platform backed by Starboard Value, announced on Friday that it was conducting an internal investigation into the “apparent misconduct” of Clifford Press, the company’s former chief executive officer.
The organization said its starter discoveries showed that Press seemed to have abused corporate assets for individual use and for making beneficent gifts in his own name.
Press attorneys could not be reached immediately for comment. Press, on the other hand, stated in an interview with the Wall Street Journal that Acacia’s assertions were “entirely meritless” and had “already been refuted.”
Acacia announced Press’ resignation as CEO and director in October.
Acacia stated that Press had filed a lawsuit against the business earlier on Friday to be reinstated as a director. The lawsuit, according to Acacia, “lacks merit.”
In extended trading, the company’s shares dropped by more than 7%.
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