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© Reuters.
(Reuters) – Acacia Research, the takeover platform backed by activist hedge fund Starboard Value, said on Friday it was conducting an internal investigation into “apparent misconduct” by former CEO Clifford Press.
The agency said its preliminary findings showed that Press had misused corporate funds for personal use and to make charitable donations in his own name.
Attorneys for the magazine could not immediately be reached for comment. But in a statement to the Wall Street Journal, the press said Acacia’s claims were “completely without merit” and had “already been debunked.”
In October, Acacia Press announced the resignation of its CEO and director.
Earlier on Friday, Acacia said the press company filed a lawsuit seeking reinstatement as director. Acacia said the lawsuit “has no merit.”
Shares of the company fell more than 7% in extended trading.
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