Starboard-Backed Acacia Sued by CEO It Accused of Misconduct (1)

Acacia Research Corp. is locked in litigation with Clifford Press, its CEO since 2019, over claims the company concluded a recapitalization deal with activist hedge fund Starboard Value LP by falsely announcing Press had resigned while under investigation.

Press sued Acacia in Delaware’s Chancery Court, accusing it of issuing a bogus announcement about his departure—and alleged wrongdoing— as part of a scheme to gain leverage and bully him into stepping down on the patent licensing company’s terms.

“It is beyond dispute that Mr. Press never resigned,” the lawsuit says. The filing shows that Starboard and Acacia’s board knew they lacked ...