<SEC-DOCUMENT>0000921895-18-001568.txt : 20180504
<SEC-HEADER>0000921895-18-001568.hdr.sgml : 20180504
<ACCEPTANCE-DATETIME>20180504135100
ACCESSION NUMBER:		0000921895-18-001568
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180504
DATE AS OF CHANGE:		20180504
EFFECTIVENESS DATE:		20180504

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACACIA RESEARCH CORP
		CENTRAL INDEX KEY:			0000934549
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				954405754
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37721
		FILM NUMBER:		18807192

	BUSINESS ADDRESS:	
		STREET 1:		520 NEWPORT CENTER DRIVE
		STREET 2:		12TH FLOOR
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		9494808300

	MAIL ADDRESS:	
		STREET 1:		520 NEWPORT CENTER DRIVE
		STREET 2:		12TH FLOOR
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Radoff Bradley Louis
		CENTRAL INDEX KEY:			0001380585

	FILING VALUES:
		FORM TYPE:		DFAN14A

	MAIL ADDRESS:	
		STREET 1:		1177 WEST LOOP SOUTH
		STREET 2:		SUITE 1625
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a11407003_05032018.htm
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Rule
14a-101)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">INFORMATION REQUIRED IN PROXY STATEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
The Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant &#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Proxy Statement</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Soliciting Material Under Rule 14a-12</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ACACIA RESEARCH CORPORATION</P>



</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified in Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIDUS INVESTMENT PARTNERS, L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIDUS DOUBLE ALPHA FUND, L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIDUS DOUBLE ALPHA, LTD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIDUS ADVISORS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIDUS INVESTMENT MANAGEMENT, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">MICHAEL J. BARONE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ALFRED V. TOBIA JR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BLR PARTNERS LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BLRPART, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BLRGP INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONDREN MANAGEMENT, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FMLP INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BRADLEY L. RADOFF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CLIFFORD PRESS</P>



</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant)</P>

</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>No fee required.</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on
which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Total fee paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee paid previously with preliminary materials:</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of
its filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Amount previously paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Filing Party:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Date Filed:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Sidus Investment Management,
LLC and BLR Partners LP, together with the other participants named herein (collectively, &ldquo;Sidus&rdquo;), has made a definitive
filing with the Securities and Exchange Commission of a proxy statement and accompanying <B>BLUE</B> proxy card to be used to solicit
votes for the election of Sidus&rsquo; slate of highly qualified director nominees to the Board of Directors of Acacia Research
Corporation, a Delaware corporation (the &ldquo;Company&rdquo;), at the Company&rsquo;s upcoming 2018 annual meeting of stockholders,
or any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On May 4, 2018,
Sidus issued the following press release:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>SIDUS
Investment Management AND BLR Partners FILE DEFINITIVE PROXY MATERIALS TO ELECT TWO HIGHLY QUALIFIED DIRECTOR NOMINEES TO BOARD
OF Acacia Research Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B><I>Issue Letter
to Acacia Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B><I>Believe Continued
Destruction of Stockholder Value, Abysmal Corporate Governance Practices and Unelected Directors are Responsibility of Executive
Chairman Louis Graziadio </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B><I>Urge Stockholders
to vote the <U>BLUE</U> Proxy Card to Elect Clifford Press and Alfred V. Tobia Jr. to Bring Accountability to the Boardroom</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><BR>
NEW YORK, NY, May 4, 2018 &ndash; Sidus Investment Management, LLC and BLR Partners LP (together, &ldquo;Sidus,&rdquo; &ldquo;we&rdquo;
or &ldquo;us&rdquo;), collectively one of the largest stockholders of Acacia Research Corporation (&ldquo;Acacia&rdquo; or the
 &ldquo;Company&rdquo;) (NASDAQ:ACTG), with aggregate ownership of approximately 4.5% of the Company&rsquo;s outstanding shares,
announced today that it has filed definitive proxy materials, including a <B><U>BLUE</U></B> proxy card, for the election of two
highly-qualified director nominees at the Company&rsquo;s 2018 annual meeting of stockholders (the &ldquo;Annual Meeting&rdquo;)
scheduled to be held on June 14, 2018 and issued a letter to Acacia stockholders. The full text of the letter follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; text-indent: 0in">May 4, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Dear Fellow Acacia
Stockholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">We have nominated
Clifford Press and Alfred V. Tobia Jr. for election to Acacia&rsquo;s Board of Directors (the &ldquo;Board&rdquo;) because we believe
that meaningful corporate governance improvements are required at Acacia. Stockholders of public companies are entitled to expect
a basic governance framework &ndash; an independent and prudent board of directors overseeing a well-qualified CEO executing a
clearly articulated business strategy. These are things Acacia lacks under the leadership of Executive Chairman Louis Graziadio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">In the face of overwhelming
evidence, such as the lack of any succession planning or Board processes that has led to Acacia having no CEO for nearly two years
and a Board consisting of over 50% of unelected directors that can be tied directly back to Mr. Graziadio (among the many of the
Company&rsquo;s corporate governance shortcomings), Mr. Graziadio continues to defy our assessment of Acacia&rsquo;s poor corporate
governance and &ldquo;strongly disagrees&rdquo; there is an issue. This should be alarming for Acacia&rsquo;s stockholders. Mr.
Graziadio&rsquo;s strong disagreement with our assessment of Acacia&rsquo;s corporate governance, which assessment is shared by
leading independent proxy advisory firms, indicates to us that he is committed to perpetuating these deeply troubling, stockholder-unfriendly
practices. Some of <B><U>Acacia&rsquo;s problematic corporate governance practices</U></B> that Mr. Graziadio apparently finds
acceptable are discussed below.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Under the current
leadership team, Acacia&rsquo;s corporate machinery has been manipulated such that <B><U>57% of the current directors have been
hand-picked by the incumbent Board and never elected by stockholders</U></B>. Even worse, it appears that the appointments of all
four of these unelected directors &ndash; James Sanders, Frank Walsh, Joseph Davis and Paul Falzone &ndash; are directly <B><U>linked
to Mr. Graziadio</U></B>. Mr. Sanders&rsquo; relationship with Mr. Graziadio goes back for at least two decades having served as
a vice president, secretary or general counsel of various Graziadio-controlled entities since 1998. Mr. Sanders also serves as
a Trustee of the Graziadio Family Trust. Mr. Walsh&rsquo;s ties to Mr. Graziadio include serving together on the board of directors
of World Point Terminals Inc. (where they both continue to serve as directors today). With respect to Messrs. Davis and Falzone,
the Company&rsquo;s proxy statement discloses that Mr. Graziadio approached both of them about becoming directors of the Company.
We find this very troubling, but not surprising considering that the Nominating and Governance Committee has held just one meeting
per year for at least the past ten fiscal years. How can the Nominating and Governance Committee identify and vet highly qualified
director candidates if that is the extent of its engagement? To us, it appears that the Nominating and Governance Committee has
allowed Mr. Graziadio to stack the Board with friendly faces rather than identify directors by acceptable means, whether with the
assistance of a recognized search firm or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">The inactivity of
the Nominating and Governance Committee could, in our view, help explain the Company&rsquo;s lack of a Chief Executive Officer.
According to its Charter, one of the responsibilities of the Nominating and Governance Committee is to review &ldquo;the succession
plans relating to positions held by senior executives, and make recommendations to the Board regarding the selections of individuals
to fill these positions.&rdquo; Upon the departure of the previous CEO on December 21, 2015, the Company announced that &ldquo;The
Board of Directors has commenced a search for a permanent Chief Executive Officer to replace Mr. Vella and will engage an independent
executive search firm to assist in the process.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 107%"><SUP>1</SUP></FONT>
<B>Now nearly two and a half years later, the CEO position remains unfilled</B> and we question whether a search process ever truly
began.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">We believe that the
lack of a CEO has allowed Mr. Graziadio to act as the de facto CEO and avail himself of unusual and, in our view, troubling personal
compensation arrangements. As Executive Chairman, Mr. Graziadio arranged for the Company to make payments to Second Southern Corp.
(&ldquo;Second Southern&rdquo;), a company wholly owned by Mr. Graziadio, as &ldquo;reimbursement&rdquo; for its costs and expenses
(including personnel, facilities and supplies) incurred in connection with Mr. Graziadio&rsquo;s performance of his duties. Given
that Pearl Meyer, the Company&rsquo;s compensation consultant, recommends as best practices that companies &ldquo;[a]dopt a policy
stating a director or a director&rsquo;s firm should not be hired to provide professional or financial services to a corporation
where he/she serves on the [b]oard,&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 107%"><SUP>2</SUP></FONT>
we question whether such arrangement with Second Southern was supported or approved by the Company&rsquo;s compensation consultant.
We continue to struggle to comprehend how Mr. Graziadio obtained $2,417,426 in aggregate compensation in fiscal 2016 despite not
being an employee of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">We do not recall ever
seeing such outlandish practices in our long history of governance-oriented investing. Not surprisingly, for the past four annual
meetings, <B>Institutional Shareholder Services has assigned Acacia a governance risk score of &ldquo;9&rdquo; on a scale where
a &ldquo;10&rdquo; is the worst possible score and indicates maximum governance risk</B>. What basis does Mr. Graziadio have to
 &ldquo;strongly disagree&rdquo; with our assessment regarding Acacia&rsquo;s corporate governance in the face of ISS&rsquo;s stark
indictment? His seeming inability to grasp what acceptable corporate governance practices look like for a public company further
cements our belief that he is not qualified to serve on the Board or exert the outsized influence over the Company that exists.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>1</SUP></FONT> Acacia Form 8-K filed on December 23, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>2</SUP></FONT> IDPN Advocate &amp; Connect Webinar: A discussion on board earnings &amp; trends on Director Compensation with Pearl Meyer. May 16, 2017.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Instead of addressing
these urgent governance concerns following our director nominations, the Board doubled down on entrenching tactics with the unilateral
appointments of two directors, neither of whom has any public company board experience, to classes that are not up for election
at this year&rsquo;s Annual Meeting (the same approach taken when Messrs. Sanders and Walsh were appointed). We believe that the
Company&rsquo;s first quarter earnings call on May 1<SUP>st</SUP> also goes to show just how out of touch Acacia&rsquo;s leadership
has become. Consistent with the lack of accountability that has become commonplace at Acacia, <B>Mr. Graziadio did not even participate
on the call, and those representatives who did partake read a prepared script and refused to take any questions from analysts or
stockholders</B>. Company representatives disparaged the level of holdings in Acacia stock by individual members of our group and
sought to compare them to the holdings of Mr. Graziadio and his family trusts, which is misleading because it fails to consider
or acknowledge the NOL poison pill that caps our group&rsquo;s collective ownership at 4.9%. If the Company grants us a waiver
to the pill today, we will start making additional purchases tomorrow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Acacia&rsquo;s criticism
of the short sale made by Bradley L. Radoff in his personal account was bizarre since the Company failed to mention it was for
4,000 shares and executed at approximately $40 on March 12, 2012 and closed on March 2, 2018 at approximately $3.50. If anything,
it painfully demonstrates the disastrous performance of Acacia&rsquo;s share price under the current regime, which was inadvertently
highlighted by President Robert Stewart&rsquo;s awkward statement that &ldquo;We feel it is more prudent to take a longer view.&rdquo;
We remind Mr. Stewart of the <B><U>long-term record of value destruction at Acacia</U></B> &ndash; stockholders have endured shocking
losses over the past <B>one</B> (<FONT STYLE="color: red"><B>-34.4%</B></FONT>), <B>three</B> (<FONT STYLE="color: red"><B>-65.0%</B></FONT>),
<B>five</B> (<FONT STYLE="color: red"><B>-86.6%</B></FONT>) and <B>ten-year</B> (<FONT STYLE="color: red"><B>-32.4%</B></FONT>)
periods.<FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 107%"><SUP>3</SUP></FONT> Acacia&rsquo;s performance
has been indisputably abysmal over the near and long term &ndash; clearly change is needed. Mr. Radoff&rsquo;s significant purchases
of Acacia stock and nomination of two highly qualified independent director candidates signals his commitment to improve the Company
for the benefit of all stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">The upcoming Annual
Meeting scheduled for June 14, 2018 is a critical opportunity for Acacia stockholders to remove Messrs. Graziadio and Walsh from
the Board elect representatives of their own choosing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B><U>The time for
change is now</U></B> &ndash; Sidus urges all stockholders to vote the <B><U>BLUE</U></B> proxy card today!</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><BR>
Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Sidus Investment Management,
LLC and BLR Partners LP</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Contacts:</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Clifford Press</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(212) 277-5635</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Alfred V. Tobia Jr.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(212) 751-6644</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">John Ferguson</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Saratoga Proxy Consulting LLC</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">(212) 257-1311</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>3</SUP></FONT>
Bloomberg, calculated as of April 4, 2018.</P>



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