Following the announcement of the resignation of Acxioms CEO and President an investigation on behalf of investors of Acxiom Corporation (NASDAQ:ACXM) over possible violations of Federal Securities laws was announced.
The investigation by a law firm focuses on whether any wrongdoing occurred at Acxiom Corporation (NASDAQ: ACXM), including whether the Company made false statements to the investing public.
Acxiom Corp;s 12months Total Revenue declined over the past four filing periods. Its 12months Total Revenue decreased from $1.390billion to lately $1.099billion. Its Net Income decreased from $67.87million to lately $44.55million.
Shares of Acxiom Corporation (Public, NASDAQ:ACXM) traded during 2006 as high as $26.46 per share and even reached in 2007 $28.03 per share. During 2008 and 2009 ACXM shares fell to as low as $6.78, respectively $7.19 per share. During 2010 ACXM shares rose to almost $20 per share and traded during January and February 2011 around $18 per share.
Then on March 30, 2011 Acxiom Corporation (Nasdaq: ACXM) announced among other things that John A. Meyer notified the company of his resignation from his positions as the Chief Executive Officer and President of the company, and as a member of its Board of Directors, effective March 28, 2011. The data services company gave no reason for the departure of John A. Meyer, but said also that its chief financial officer, Christopher Wolf, plans to step down.
Acxiom Corporation further said that it expects to record a non-cash impairment charge of $50 million to $90 million in the fourth quarter in connection with a write-down of the carrying value of goodwill and other long-lived assets associated with its international operations. Acxiom Corp. also forecasts a weaker fiscal fourth quarter.
Following the announcement shares of Acxiom Corporation (Public, NASDAQ:ACXM) fell from $17.46 on Tuesday to $12.63 per share during Wednesdays trading.
ACXM closed on March 30, 2011 at $13.50 per share.