Business
Acacia Research Endorses the New Directors of Immersion Corp
Acacia Supports the Shareholder Agreement with VIEX Capital Advisors Views Cost Cutting Plan and the Formation of Strategic Committee as Promising First
About this update from Acacia Research Corporation
[{"type":"text","content":"\nAcacia Supports the Shareholder Agreement with VIEX Capital Advisors\n\n\nViews Cost Cutting Plan and the Formation of Strategic Committee as Promising First Steps\n\n\nExpects New Board to Effectively Oversee Operating Plan, Review Strategy and Hold Management Accountable\n\n NEW YORK--(BUSINESS WIRE)--\nAcacia 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\") .\n\n\n“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.”\n\n\nMr. 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.”\n\n\nClifford 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.”\n\n\nAbout Acacia Research Corporation\n\n\nFounded 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. Acac...