SOURCE: Bronstein, Gewirtz & Grossman, LLC

April 28, 2011 15:20 ET

Bronstein, Gewirtz & Grossman, LLC Announces Class Action Lawsuit Against Acxiom Corporation

NEW YORK, NY--(Marketwire - Apr 28, 2011) - Bronstein, Gewirtz & Grossman, LLC announces that a class action has been filed in the United States District Court for the District of Arkansas on behalf of those who purchased or otherwise acquired stock of Acxiom Corporation. ("Acxiom" or the "Company") (NASDAQ: ACXM) during the period between October 27, 2010 through and including March 30, 2011 (the "Class Period").

The complaint charges Acxiom and certain of its officers and directors violated federal securities laws. Specifically the complaint alleges: (i) that the Company was experiencing a significant decline in its international operations; (ii) that the Company failed to properly and timely account for impaired assets related to its international operations; and (iii) that, as a result, defendants' statements regarding Acxiom's financial performance and expected earnings were misleading.

The Company announced on March 30, 2011 that its CEO and President had resigned and that its CFO would step down in the second quarter of 2011. Additionally, Acxiom forecasted a weak fiscal fourth quarter of $0.18 - $0.22 per share and revenue between $295 million and 299 million compared to analysts forecasts of adjusted earnings of $0.24 per share and 303 million in revenue. On this news, shares of the Company fell over 22% to close at around $13.50 a share.

No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. June 27, 2011 is the deadline for investors to seek a lead plaintiff appointment.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate work, private securities offerings, and securities arbitration.

Contact Information

  • Peretz Bronstein
    or
    Eitan Kimelman
    Bronstein, Gewirtz & Grossman, LLC
    212-697-6484
    Email Contact