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Acacia Research Corporation Why Has It Cratered?

|Includes: Acacia Research Corporation (ACTG)

Summary

On the surface this companies stock is dirt cheap.

Trading at 5x FCF.

1.5 Times Earnings.

Cash is almost half of the total market cap.

I can't wrap my head around it. It's not a sexy business and I know you can even call them patent trolls. However did they lose a huge lawsuit or have to write down their patent portfolio? For the life of me this stock looks dirt cheap but I have no clue why. Am I missing something is this fools gold?

Substantial Insider ownership shows confidence in long term operations.

What am I missing?

Disclosure: I am/we are long ACTG.