Stockholders Overwhelmingly Support Sidus Investment Management and BLR Partners' Campaign for Change at Acacia Research Corporation
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SOURCE Sidus Investment Management, LLC
Preliminary Results from Annual Meeting Indicate that Both Sidus Nominees - Clifford Press and Alfred V. Tobia Jr. - Have Been Elected to the Board by More than 4:1 Margin
NEW YORK, June 14, 2018 /PRNewswire/ -- Sidus Investment Management, LLC and BLR Partners LP (together, "Sidus," "we" or "us"), collectively one of the largest stockholders of Acacia Research Corporation ("Acacia" or the "Company") (NASDAQ: ACTG), with aggregate ownership of approximately 4.6% of the Company's outstanding shares, today announced that, based on the preliminary report provided by their proxy solicitor, stockholders voted overwhelmingly to support the election of both Sidus nominees – Clifford Press and Alfred V. Tobia Jr. – to the Company's Board at the 2018 Annual Meeting of Stockholders (the "Annual Meeting"), which was held today.
Alfred V. Tobia Jr., Co-Founder and Managing Member of Sidus Investment Management, said, "We are grateful to our fellow stockholders who voted for the election of Clifford Press and myself to the Acacia Board. We believe that the decisive results of this vote clearly indicate a mandate for significant change at this Company. We take this charge very seriously and will represent the best interests of all Acacia stockholders in the boardroom."
Bradley L. Radoff, principal of BLR Partners, said, "We are pleased that Acacia's stockholders agreed with us that change is desperately needed at the Company. As we have stated throughout this campaign, Acacia is in need of major corporate governance improvements. The resounding support that our nominees have received makes clear that the Board must act quickly to implement the mandate that has been given to the newly elected directors – including putting in place best in class governance practices."
Final results of the Annual Meeting will be published by Acacia once they are certified by the Company's inspector of elections.
For more information, and to see other communications and filings from Sidus, visit this link: https://www.rescueacacia.com.
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