On December 30, 2022, Acacia Research Corporation issued a press release announcing an internal investigation into “apparent misconduct” by Clifford Press, who had been the company’s CEO as recently as October of this past year. Per the press release, the investigation is to consider allegations that Press “provided inaccurate information on certain submissions of corporate expenses”; “misused corporate funds for personal use, including travel and entertainment with people not associated with Acacia”; “made substantial charitable donations in his own name using corporate funds”; and “failed to follow the Board’s directive in relation to a material contract”. Also on December 30, Press filed suit against Acacia in the Delaware Chancery Court “to confirm that he remains a lawful member” of its board of directors. Late last year, Acacia filed an 8-K with the SEC disclosing that Press had resigned both as the company’s CEO and as a member of its board on November 1 and that his resignation was “not due to any disagreement with the Company on any matter relating to its operations, policies, practices or otherwise”. Press contends in the new lawsuit that this public announcement was materially false and misleading, that he did not resign either as Acacia’s CEO or as a member of its board, and that there actually was “a serious disagreement between Mr. Press and the Company on matters relating to its operations, policies, practices, or otherwise”.