- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-02-06T17:21:00
Acacia Research Corp. disclosed the completed findings of its internal investigation into former Chief Executive Clifford Press and whether he misappropriated corporate funds and resources for personal use.
The results, announced in a regulatory filing Friday, confirmed initial findings revealed by the company in December that Press provided inaccurate information regarding certain corporate expenses, misused funds, and made misrepresentations to the company’s board of directors, according to Acacia. These actions resulted in Press violating the company’s code of conduct, Acacia determined.
As a result of the findings, Acacia said it filed an arbitration demand against Press seeking restitution and other remedies for its shareholders. The company also said it “enhanced its travel and entertainment policy and is considering additional measures concerning various related internal policies and procedures.”
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