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Acacia Research starts $70M stock buyback
November 16, 2013, 05:00 AM The Associated Press

NEWPORT BEACH — Acacia Research said Friday it will buy back up to $70 million in stock over the next six months.

Acacia Research Corp. shares have lost half their value since April 18, when the company reported its first-quarter results. The stock reached a three-year low of $14.08 on Wednesday.

The company buys and licenses patents, and it had 49.9 million shares on the market as of Nov. 4.

Acacia Research shares climbed 78 cents, or 5.4 percent, to $15.17 in morning trading.

 

 

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