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Case Status:    DISMISSED    
On or around 08/29/2011 (Notice of voluntarily dismissal)

Filing Date: April 26, 2011

According to a press release dated April 26, 2011, the complaint charges ACXM and certain of its officers and executives with violations of the the Securities Exchange Act of 1934. ACXM describes itself as “a recognized leader in marketing technology and services that enable marketers to successfully manage audiences, personalized consumer experiences and create profitable customer relationships.”

The complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the complaint alleges: (i) that the Company was experiencing a significant decline in its international operations and was not operating according to plan; (ii) that the Company failed to properly and timely account for impaired assets related to its international operations; and (iii) that, as a result of the foregoing, defendants’ statements regarding the Company’s financial performance and expected earnings were false and misleading and lacked a reasonable basis when made.

On March 30, 2011, ACXM abruptly announced that its Chief Executive Officer and President, John A. Meyer, had resigned effective March 28, 2011, and that its Chief Financial Officer, Christopher W. Wolf, would also step down in the second quarter of calendar 2011. Additionally, ACXM forecasted a weak fiscal fourth quarter, with adjusted earnings of $0.18 - $0.22 per share and revenue between $295 million and $299 million for the quarter ended March 31, 2011, compared to analyst forecasts of adjusted earnings of $0.24 per share and $303 million in revenue. ACXM also announced that it “expects to record a non-cash impairment charge in the fourth quarter of fiscal 2011 in connection with a write-down of the carrying value of goodwill and other long-lived assets associated with its international operations.”

On this news, the price of ACXM’s common stock fell 22.7%, from a closing price of $17.46 on March 29, 2011, to close at $13.50 per share on March 30, 2011, on unusually heavy trading volume.

On June 30, 2011, the Court released an order appointing of Macomb County Employees’ Retirement System as lead plaintiff and approving Robbins
Geller Rudman & Dowd LLP as the lead counsel.

On August 29, 2011, the Plaintiff filed a Notice of Voluntary Dismissal without prejudice and the Court closed the case on the same day.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ACXM
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Arkansas
DOCKET #: 11-CV-00363
JUDGE: Hon. Brian S. Miller
DATE FILED: 04/26/2011
CLASS PERIOD START: 10/27/2010
CLASS PERIOD END: 03/20/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Carney Williams Bates Bozeman & Pulliam, PLLC
    P.O. Box 25438, Carney Williams Bates Bozeman & Pulliam, PLLC, AR 72221-5438
    501.312.8500 501.312.8500 ·
  2. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
  3. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
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