Acacia Research's Elephant Hunt
Jenks Jumps • 12 Comments
Jenks Jumps • 12 Comments
Thu, Apr. 21, 4:05 PM
Wed, Apr. 20, 5:35 PM
Mon, Mar. 21, 3:00 PM
- Acacia Research (ACTG +9.4%) states its board has approved a tax benefit preservation plan meant to protect the company's ability to use net operating loss carryforwards (NOLs) and tax benefits in the future. (8-K filing)
- Notably, IP licensing firm says the plan is designed to reduce the likelihood it will see an ownership change by discouraging any person/group from obtaining a 4.9%+ stake, and from discouraging existing 4.9%+ holders from buying additional shares.
- Acacia: "A company that experiences an ownership change generally will be subject to an annual limitation on certain of its pre-ownership change tax assets equal to the value of the corporation immediately before the ownership change, multiplied by the long-term-tax-exempt rate (subject to certain adjustments), provided that the annual limitation will be increased each year to the extent that there is an unused limitation in a prior year. The limitation arising from an ownership change on the Company's ability to utilize the Tax Benefits depends on the value of the Company's stock at the time of the ownership change."
- The move comes with Acacia trading at a fraction of its 2014 and early-2015 levels. The company eliminated its dividend last month, and announced in December (following an adverse verdict in the company's patent suit against Alcatel-Lucent) CEO Matthew Vella had resigned.
Fri, Feb. 26, 12:45 PM
Fri, Feb. 26, 10:34 AM
- Acacia Research (ACTG -19.8%) used its Q4 report to state the company is eliminating its $0.125/share quarterly dividend, Acacia: "The Board terminated the dividend policy due to a number of factors, including the Company's financial performance and its available cash resources, the Company's cash requirements and alternative uses of cash that the Board concluded would represent an opportunity to generate a greater return on investment for the Company."
- 12 new revenue agreements were executed in Q4 vs. 8 in Q3 and 33 a year ago. Licensing/enforcement programs generating revenue totaled 14 vs. 13 in Q3 and 27 a year ago.
- A $74.7M impairment charge was taken on patent-related intangible assets, and a $30.1M charge on goodwill. MG&A spend fell by $3.6M Y/Y to $8.6M; litigation/licensing expense spend rose by $3.1M to $11.3M, and inventory royalty/contingent legal fee payments were flat at $11.7M.
- Acacia ended 2015 with $146M in cash and no debt. The company's market cap is currently $154M.
- Acacia's Q4 results, earnings release
Thu, Feb. 25, 5:45 PM
Thu, Feb. 25, 4:03 PM
Wed, Feb. 24, 5:35 PM
- ACTG, ADSK, AEGR, AGO, AHT, AIRM, AL, ALEX, AMH, ATLS, AXLL, BGS, BIDU, BIO, BLOX, BMRN, BVN, CBI, CBPO, CLVS, COWN, CSU, CVT, DGI, DK, DKL, DLR, EBS, ENV, EOG, EVC, GERN, GG, GPS, GSAT, HASI, HEI, HK, HLF, HTGC, HWAY, IART, IM, IMMR, INTU, KBR, KHC, KND, KW, KWR, LYV, MACK, MAIN, MDVN, MELI, MHK, MITT, MNST, MTZ, NDLS, NNI, NTRI, OLED, OUT, OVAS, PANW, PBA, PEGA, PFMT, PODD, PRAA, RARE, RBA, RLOC, RPTP, RRC, RRMS, RTRX, SBAC, SEM, SEMG, SPLK, SPNC, SSRI, STAG, STMP, STRZA, SWN, TSRO, TWOU, TXMD, UHS, WIFI, WPG, WTW, XNPT, ZOES
Tue, Jan. 5, 9:58 AM
- Citing management changes, low visibility, and the company's recent Alcatel-Lucent patent suit loss, Barclays' Darrin Peller has downgraded Acacia (ACTG -6.2%) to Underweight, and cut his target by $8 to $4.
- The patent licensing firm is now down 30% since the Alcatel verdict arrived on Dec. 18, and at its lowest levels since the financial crisis. CEO Matthew Vella's resignation was announced on Dec. 22.
Dec. 22, 2015, 11:11 AM
- Four days after a jury ruled a patent asserted by Acacia's (NASDAQ:ACTG) Adaptix unit against Alcatel-Lucent, AT&T Mobility, and two other firms was invalid and not infringed, Acacia announces CEO Matthew Vella has resigned.
- SVP/former i-banker Marvin Key will serve as interim CEO. In addition, an Office of the Chairman consisting of chairman Chip Harris and directors Edward Frykman and G. Louis Graziadio has been formed. The office will assist Key and participate in the search for Vella's successor.
- Northland Capital has downgraded to Market Perform. Shares are down 26% from last Thursday's close, and have made new 6-year lows today.
Dec. 18, 2015, 2:13 PM
- Bloomberg reports Acacia (ACTG -11.6%) has lost its patent suit against Alcatel-Lucent (NYSE:ALU).
- Acacia had sued Alcatel for allegedly infringing its 4G patents. The companies settled an optical patent suit earlier this year. In 2012, Acacia bought mobile patent owner Adaptix for $160M.
- Earlier: Acacia drops 15.6%, gets halted
- Update (3:54PM ET): Acacia has confirmed the jury handling the suit ruled against it. "The jury returned a verdict that the asserted claims of U.S. Patent No. 6,870,808 were invalid and non-infringed. Adaptix, Inc. is currently studying the verdict to determine whether it will be filing an appeal." In addition to Alcatel-Lucent, Acacia/Adaptix had sued AT&T Mobility, Cellco Partnership, and Sprint Spectrum. Shares are down 20.6%.
Dec. 18, 2015, 2:01 PM
- IP licensing firm Acacia Research (NASDAQ:ACTG) has nosedived and subsequently been halted.
- No news has hit the wires yet. An adverse patent ruling is a possible culprit.
- Update (2:07PM ET): Acacia has resumed trading. Shares are down 13.7%.
- Update 2 (2:14PM ET): Bloomberg reports Acacia has lost a patent suit against Alcatel-Lucent.
Oct. 22, 2015, 5:37 PM
Oct. 22, 2015, 4:29 PM
- Acacia Research (NASDAQ:ACTG) declares $0.125/share quarterly dividend, in line with previous.
- Forward yield 5.69%
- Payable Nov. 30; for shareholders of record Nov. 6; ex-div Nov. 4.
Oct. 22, 2015, 4:03 PM
- Acacia Research (NASDAQ:ACTG): Q3 EPS of -$0.23 misses by $0.36.
- Revenue of $12.99M (-65.1% Y/Y) misses by $19.84M.
Oct. 21, 2015, 5:35 PM
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Acacia Research Corp. acquires, develops, licenses and enforces patented technologies through its subsidiaries. Its operating subsidiaries assist patent owners with the prosecution and development of their patent portfolios, the protection of their patented inventions from unauthorized use, the... More
Industry: Research Services
Country: United States
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