Throw out suit, says former Acxiom CEO
Charles Morgan, former chief executive officer of Acxiom Corp., has filed a motion asking for dismissal of a lawsuit brought by shareholders of the Conway technology company First Orion Corp. that claims he used proxies granted by two of the plaintiffs to take control of the company.
The motion to dismiss, filed Friday in a Delaware Chancery Court, was also filed by Jefferson Stalnaker, a member of the company’s board of directors, and by the Charles D. Morgan Revocable Trust.
The lawsuit against Morgan, Stalnaker and the Revocable Trust was filed in Delaware on May 23 by plaintiffs Keith A. Fotta, Telemark Technology Inc., Gerald A. Clark, James B. Rich, Ilene Rich, Diane Jurmain and Peter Jurmain.
Among the claims in the filing, the plaintiffs assert breach of fiduciary duty and waste against Morgan and Stalnaker.
Stalnaker is a former president of Acxiom’s financial services division.
First Orion, founded in 2007, is the owner of PrivacyStar, a security application for smart phones that that can block unwanted calls, identify callers through a reverse directory search and report calls to federal regulators.
- Jessica Seaman
Union Pacific earns $128,000 incentive
Entergy Arkansas will present a $128,000 check to Union Pacific Corp. today for energy-efficiency upgrades at its Pine Bluff facility.
Union Pacific installed a new energy-efficient compressed-air system and completed a lighting upgrade in late April as part of an Entergy Arkansas energy-saving program.
The project will save 778,000 kilowatt-hours a year, the equivalent of taking nearly 70 homes off the grid.
Jim Brannen, energy efficiency project manager for Union Pacific, said the project would not have been possible without Entergy’s incentive program.
- Brian Fanney
Index surges 3.14 on brisk trading day
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 3.14 to 272.28 Tuesday.
In heavy trading, Home Bancshares Inc. gained 7.84 percent to close at $22.82.
Arkansas Best Corp.
gained 5.18 percent to close at $19.29.
P.A.M. Transportation Services Inc. fell 5.96 percent to finish at $10.25.
Volume for the index was 22.5 million shares, compared with average daily volume of 21.4 million shares.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business, Pages 25 on 06/26/2013