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July 20 2015

IP HAWK
Acacia Research Group (ACTG)

An Extremely Unique Situation

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.com

Thoughts From the Hawk

Acacia Research Group (ACTG) is a leader in the patent monetization sector who identifies, partners, and acquires patent
assets to enforce and license. Acacia has signed over 1,400 licenses and has generated over $1.1B in revenue. The company
reorganized their strategy starting in 2012 moving away from a high volume acquisition/assertion approach to a high quality
concentrated approach. The transition has taken about three years so far and I believe the strategy is in the sweet spot to
start paying off. Visibility is a continued problem for patent investments as the companies are very limited in what they are
able to communicate as too much information has the potential to torpedo their licensing position.
The objective of this report is not to provide a bullish or bearish thesis, but to communicate past results which should be able
to estimate the future value of the patent portfolios. The keys to success for Acacia is to identify and acquire/partner with
world class patent assets and to execute successful legal campaigns in US / Foreign courts. The report will show how a
strong legal position in court translates into high quality patent licenses. By tracking the public legal court dockets, estimate
past patent licenses, and estimate units shipped investors are able to see Acacias legal position and estimate the value of
future agreements. While the estimates in this report are not perfect and there will be errors it should serve as a guide or
walkthrough on the legal dockets, calendar, and I believe conservative forecasts on the potential value of future agreements.

Key Facts and Value Drivers

Diversified patent portfolio


o
Risk is spread across multiple technologies and
targets
Portfolio transition to high quality marquee portfolios is
finally beginning to see litigation heading to important
catalysts
Adaptix
Infrastructure trial versus ALU starting on August
31, 2015.
Trial versus Ericsson in Q4 2015

Injunction in Germany with VoiceAge portfolio


Samsung, Sony, Doro, Huawei, licensed
Litigation filed in US with LG, HTC, ZTE,
and Motorola
ST Micro
Markman held on June 6, 2015
Trials set for December 2015 versus LG
and HTC

Key Data
Price

$8.79

TTM Revenue

$152.51mm

Market Cap

$448.9mm

Shares Outstanding

50.95mm

Float

49.98mm

52 Week Range

$7.88-19.93

3 Month Avg. Volume

470,205

I am long ACTG. I have not been paid to prepare or disseminate this report by Acacia or any company discussed. All information has been obtained from public
sources. All opinions are my own. Please consult a financial advisor before making any financial decisions. All dates in the report are subject to change.

July 20 2015

IP HAWK
Acacia Research Group (ACTG)

Company Background and Strategy

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.com

Acacia Research Group has been acquiring and monetizing patent assets for more than a decade. The company has grown into
one of the premier leaders in the patent space. The company was known for acquiring a high volume amount of patent assets
and filing a voluminous amount of patent litigation. The companys sweet spot was negotiating 100-200k settlements shortly
after the litigation was filed. The majority of the cases never proceeded to a jury trial. With the passing of the American
Invents Act of 2011 and various new court decisions this strategy would no longer be viable. Around the same time the
company acquired the Access/Palm portfolio, which generated a generous return and beyond expectations. Acacia seeing the
results and pivoted their strategy. Instead of a massive number of portfolios with a high volume number of defendants with
small license agreements, the company set out to identify and acquire a limited amount of high quality patent portfolios. Matt
Vella was promoted to CEO
The companys first major new transaction was the purchase of Adaptix in 2012. Before litigation was filed the company
speedily licensed Samsung and Microsoft to recover a large portion of the purchase price. The company quickly started
acquiring and partnering with high quality patents coming from world renowned companies. The new class of assets are now
called marquee portfolios. A marquee portfolio has the following attributes:

North American, Western Europe, and Japanese patents


Specific technology covered related to wireless communication, handsets, or microchips
Coverage of medical devices, energy, and automotive
Technology known to being used in the prior four to six years
Six to Eight years of patent life remaining
Patents declared essential to various standards setting organizations (SSO)

The problem with this plan is it left a huge hole in their litigation calendar, which has taken almost two years to develop. 2013
and 2014 had a shortfall of litigation catalysts to be used to leverage license agreements. The company has also been faced
with a few litigation setbacks such as the Summary Judgment rulings in Adaptix along with Markman Hearing and jury trial
dates that keep getting pushed back.
Results have started to turn around and the legal calendar has become very busy for Acacia. Investor sentiment appears to be
at a rock bottom partly due to the financial results over the last 24 months and the lack of visibility of the future opportunity
that has been presented. The lack of ongoing royalty bearing agreements has made it difficult for investors to value the
company. Estimating future agreements has been a consistent challenge for investors and wall street. It can be done by
tracking prior agreements, estimating units shipped, and tracking the litigation/IPR dockets. When Acacia is doing well in their
litigation it often leads to high quality patent licenses. When there are litigation setbacks the company is not able to monetize
their patent assets and financial results suffer.
I estimate their to be roughly $1.6B in future license agreements if the company was to take all of their portfolios to trial and
win them all. This is clearly not possible and I have backed into each agreement with the majority to be resolved over the next
18 to 24 months. As long as Acacia is doing well in court and at the patent office they should realize a significant amount of
the $1.6B potential. I estimate a net present value of $244mm. Due to the lack of ongoing licenses I dont believe Acacia
deserves an earnings multiple such as their peers in the 16-20 range. I do believe a 5-8 multiple of the $244mm would be
reasonable as the company has done a very good job refreshing their portfolio pipeline and has been on record they would like
to acquire another five marquee portfolios by the end of 2015.
I am long ACTG. I have not been paid to prepare or disseminate this report by Acacia or any company discussed. All information has been obtained from public
sources. All opinions are my own. Please consult a financial advisor before making any financial decisions. All dates in the report are subject to change.

July 20 2015

IP HAWK
Acacia Research Group (ACTG)

Financial Models

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.com

Source: 2015 Q1 Corporate Presentation

I am long ACTG. I have not been paid to prepare or disseminate this report by Acacia or any company discussed. All information has been obtained from public
sources. All opinions are my own. Please consult a financial advisor before making any financial decisions. All dates in the report are subject to change.

July 20 2015

IP HAWK
Acacia Research Group (ACTG)

Smart Phone Coverage

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.com

Source: 2014 Analyst Day Presentation

I am long ACTG. I have not been paid to prepare or disseminate this report by Acacia or any company discussed. All information has been obtained from public
sources. All opinions are my own. Please consult a financial advisor before making any financial decisions. All dates in the report are subject to change.

July 20 2015

Acacia Research (ACTG)


Smartphone Shipments

IP HAWK
David Hoff
iphawk@outlook.com
@theiphawk
http://theiphawk.blogspot.com

July 20 2015

IP HAWK

Acacia Research (ACTG)

David Hoff

VoiceAge Saint Lawrence Communications

Defendant

Estimated
Units Covered

HTC

50,000,000

LG

100,000,000

Motorola

40,000,000

ZTE

60,000,000

Total

Current Litigation Status


US Initial Pleadings
Germany Infringement
US Initial Pleadings
Germany Infringement
US Initial Pleadings
Germany Infringement
US Initial Pleadings
Germany Infringement

Estimated Royalty at
Trial

iphawk@outlook.com
@theiphawk
http://theiphawk.blogspot.com

Max Estimate at
Trial

Gross Margin

Success
Probability

NPV

$.35

$17,500,000

60%

75%

$7,875,000

$.35

35,000,000

60%

75%

$15,750,000

$.35

14,000,000

60%

75%

$6,300,000

$.35

21,000,000

60%

75%

$9,450,000

$87,500,000

$39,375,000

July 20 2015

IP HAWK
Acacia Research Group (ACTG)
David Hoff

Key Court Dates Timeline

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.com

Q4 2016
Plaintiff

Defendant

Case Number

Markman
Hearing

IDT (Rambus)
IDT (Rambus)
IDT (Rambus)
IDT (Rambus)
IDT (Rambus)

LG
Sony
Lenovo
Vizio
Pantech

1:13-cv-02109
1:13-cv-02111
1:13-cv-02108
1:13-cv-02112
1:13-cv-02110

10/27/2015
10/27/2015
10/27/2015
10/27/2015
10/27/2015

Plaintiff

Defendant

Case Number

Markman
Hearing

Data Engine
IDT (Rambus)
IDT (Rambus)

Google
Ford
General Motors

Markman
Opinion
Released

Jury Trial

Venue

10/24/2016
10/24/2016
10/24/2016
10/24/2016
10/24/2016

Delaware
Delaware
Delaware
Delaware
Delaware

Jury Trial

Venue

2/13/2017
2/6/2017
2/6/2017

Delaware
Delaware
Delaware

Q1 2017

1:14-cv-01115 10/20/2015
1:14-cv-00849 10/28/2015
1:14-cv-00850 10/28/2015

Markman
Opinion
Released

All dates subject to change


I am long ACTG. I have not been paid to prepare or disseminate this report by Acacia or any company discussed. All information has been obtained from public
sources. All opinions are my own. Please consult a financial advisor before making any financial decisions. All dates in the report are subject to change.

July 20 2015

IP HAWK
Acacia Research Group (ACTG)
David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.com

Quarterly Revenue Analysis

Note: All numbers are personal estimates derived from the litigation history and top deals by percentage reported every
quarter. There will be a number of license estimates that will not be correct. I believe the quarterly revenue analysis to be very
close, but not perfect due to the lack of visibility related to the patent licensing sector. Typically all patent license agreements
are very confidential.

Q1 2012
Revenue - $99,040,000
Three licensees individually accounted for 54%, 20% and
18%

Portfolio

Licensee

Date
Announced

Case Status

IPR Status

Adaptix

Microsoft

1/17/2012

Not Filed

Not Filed

Adaptix

Samsung

1/18/2012

Not Filed

Not Filed

AdjustaCam

J&R Electronics

1/5/2012

Before Markman
Hearing

Not Filed

AdjustaCam

CompUSA

3/20/2012

After Markman
Hearing

Not Filed

AdjustaCam

Systemax

3/20/2012

After Markman
Hearing

Not Filed

AdjustaCam

Tiger Direct

3/20/2012

After Markman
Hearing

Not Filed

AdjustaCam

Amazon

3/27/2012

After Markman
Hearing

Not Filed

BMW of North
America

1/9/2012

Before Markman
Hearing

Not Filed

Advanced Data Access

Winbond Electronics

3/21/2012

Scheduling

Not Filed

Advanced Encoding Solutions

Ericsson Television

2/6/2012

Before Markman
Hearing

Not Filed

B.I. Systems

QlikTech

4/3/2012

Before Markman
Hearing

Not Filed

B.I. Systems

Lawson Software

4/3/2012

Before Markman
Hearing

Not Filed

B.I. Systems

Actuate Corp

4/3/2012

Before Markman
Hearing

Not Filed

Chalumeau Power Systems

SMC Networks

1/19/2012

Scheduling

Not Filed

Chalumeau Power Systems

D-Link

3/7/2012

Before Markman
Hearing

Not Filed

Compression Technology Solutions

CA, Inc

1/24/2012

Before Markman
Hearing

Not Filed

Compression Technology Solutions

IBM

2/2/2012

Before Markman
Hearing

Not Filed

DRAM Memory Technologies

Integrated Silicon
Solution

3/30/2012

Scheduling

Not Filed

DRAM Memory Technologies

SK hynix

4/2/2012

Initial Pleadings

Not Filed

Anti Pinch Solutions

Estimated Amount

19,808,000
53,481,600
100,000
100,000
100,000
100,000
100,000
200,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
200,000
200,000
500,000
500,000

Q1 2012 (continued)
Licensee

Date
Announced

Case Status

IPR Status

EVM Systems

Abbot Labs

1/20/2012

Before Markman
Hearing

Not Filed

Internet Communications Solutions

magicJack

3/22/2012

Initial Pleadings

Not Filed

Nokia Siemens

1/4/2012

Before Markman
Hearing

Not Filed

Lighting Ballast Control

American Ballast

1/9/2012

Initial Pleadings

Not Filed

Lighting Ballast Control

Robertson Transformer

3/1/2012

Initial Pleadings

Not Filed

Medical Monitoring

Philips Electronics

3/1/2012

Before Markman
Hearing

Not Filed

Medical Monitoring

Oridion Capnography

3/14/2012

Before Markman
Hearing

Not Filed

Program Rewards Solutions

Points International

3/14/2012

After Markman
Opinion Issued

Not Filed

Semiconductor Technologies

SK hynix

4/2/2012

Initial Pleadings

Not Filed

Winbond Electronics

3/14/2012

Scheduling

Not Filed
Not Filed

Portfolio

Lambda Optical Solutions

Smart Memory Solutions


Smooth Impact

Easy Strike

3/7/2012

Before Markman
Hearing

Smooth Impact

Apex Tool Group

3/7/2012

Before Markman
Hearing

Not Filed

Smooth Impact

Cooper Tools

3/7/2012

Before Markman
Hearing

Not Filed

Smooth Impact

Bold Inc

3/7/2012

Before Markman
Hearing

Not Filed

Smooth Impact

Test Rite Products

3/7/2012

Before Markman
Hearing

Not Filed

Smooth Impact

Lowes Home Centers

3/1/2012

Before Markman
Hearing

Not Filed

Smooth Impact

PullR Holding
Company

1/19/2012

Before Markman
Hearing

Not Filed

Smooth Impact

Stanley Black & Decker

2/6/2012

Before Markman
Hearing

Not Filed

Summit Data Systems

Buffalo Technology

1/25/2012

Before Markman
Hearing

Not Filed

Summit Data Systems

D-Link Systems

2/15/2012

Before Markman
Hearing

Not Filed

Unified Messaging Solutions

Comerica Bank

1/6/2012

Scheduling

Not Filed

Estimated Amount

1,500,000
300,000
17,827,000
100,000
100,000
500,000
500,000
300,000
523,400
300,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000

Q1 2015

Revenue - $31,030,000
Two licensees individually accounted for 58% and 15%.

Portfolio

Licensee

Date Announced

Case Status

IPR Status

AVS - Breed

TomTom

1/14/2015

Before Markman
Hearing

Filed

250,000

AVS - Breed

Garmin

3/17/2015

Before Markman
Hearing

Filed

250,000

Bonutti

DePuy

3/31/2015

After Markman Opinion


Issued, during discovery

Pending

5,100,000

Sprint Spectrum

4/1/2015

Before Markman
Opinion Issued

Not Filed

500,000

Credit Card Fraud Control

Elavon

3/30/2015

Scheduling

Filed

200,000

In-Depth Test

Intersil

1/30/2015

Initial Pleadings

Filed - No Inst
Decision

200,000

Whatsapp

3/9/2015

After Markman Opinion


Issued

Filed - Settled

100,000

Location Based Services

Virgin Mobile

4/1/2015

Before Markman
Opinion Issued

Not Filed

600,000

Location Based Services

Sprint Spectrum

4/1/2015

Before Markman
Opinion Issued

Not Filed

600,000

Innovative Display (Rambus)

HP

3/12/2015

Settled Pre-Trial

Filed by LG

1,500,000

Innovative Display (Rambus)

Dell

3/12/2015

Settled Pre-Trial

Filed by LG

1,500,000

Nexus Display

Eizo

2/27/2015

Before Markman
Hearing

Not Filed

300,000

Nexus Display

Panasonic

2/2/2015

Before Markman
Hearing

Not Filed

500,000

Online News Link

Acxiom

1/21/2015

Pre Markman Opinion


Issued

Filed - Settled

100,000

Parallel Seperation

Schlumberger

3/16/2015

Before Markman
Hearing

Not Filed

500,000

Saint Lawrence (Voiceage)

Aradyan Tech

1/26/2015

Not Filed

Not Filed

200,000

Saint Lawrence (Voiceage)

Doro AB

3/10/2015

Not Filed

Not Filed

200,000

Saint Lawrence (Voiceage)

Huawei

3/11/2015

German Injunction

Not Filed

2,200,000

Saint Lawrence (Voiceage)

Sony

3/31/2015

German Injunction

Not Filed

19,000,000

Leica Microsystems

3/26/2015

Pre Markman Hearing

Not Filed

500,000

Cell & Network (SK Telecom)

Intercarrier Communications

Super Resolution

Estimated Amount

July 20 2015

IP HAWK
Acacia Research Group (ACTG)
Redefining Patent Monetization

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.com

Patent Portfolio Break Down

Note: All dates subject to change. All information is public sourced from the US Patent office and PACER databases.

Bonutti Bonutti Skeletal Innovations LLC

Acquired portfolio on June 11, 2012


7 portfolios which includes 150 patents and applications.
Technologies covered include: spine, hip, knee, shoulder, biologics, and sports medicine.
Unlicensed portion currently being asserted had sales of approximately $1.74B in 2014.
Asserted against 50% of partial knee sales, equates to $141M in 2014.
Asserted against 40% of total knee sales, equates to $1.6B in 2014.
Stays to be lifted versus Zimmer, ConforMIS and Wright Medical

Inter Partes Reviews


Petitioner

Patent
Number

Filing Date

Institution
Decision Date

Institution
Decision

Oral Hearing
Date

Final Decision

Smith & Nephew

6702821

9/25/2013

1/17/2014

Not Instituted
Disclaimed
Claim 1

N/A

1/17/2014

Smith & Nephew

7806896

9/26/2013

2/28/2014

Instituted

10/27/2014

Claim 1
unpatentable,
2/18/2015

Zimmer

7806896

1/3/2014

6/3/2014

Instituted

1/9/2015

Claim 42
unpatentable,
5/18/2015

Wright Medical

7806896

1/15/2014

6/2/2014

Instituted

Joinder

Disclaimed
claim 40

Zimmer

7806896

6/30/2014

10/31/2014

Not Instituted

N/A

N/A

Zimmer Holdings

7837736

11/22/2013

6/2/2014

Instituted

1/9/2015

Claims
unpatentable (1)

Zimmer Holdings

7837736

6/30/2014

10/30/2014

Not Instituted

N/A

N/A

Smith & Nephew

7749229

9/25/2013

2/26/2014

Disclaimed
claim 23

N/A

3/24/2014

Arthrex

5921986

9/27/2013

3/3/2014

Disclaimed
claims

N/A

4/30/2014

Smith & Nephew

5980559

9/24/2013

1/17/2014

Settled

N/A

Settled
1/17/2014

Smith & Nephew

8133229

9/25/2013

1/17/2014

Not Instituted
Disclaimed
Claim 1

N/A

1/17/2014

Linvatec

5527343

9/26/2013

3/28/2014

Instituted

N/A

Settled
4/30/2014

Smith & Nephew

7087073

9/24/2013

1/17/2014

Not Instituted

N/A

Settled
1/17/2014

Zimmer Holdings

7959635

12/31/2013

6/4/2014

Not Instituted

N/A

Denied
Institution

Linvatec

6500195

10/2/2013

3/11/2014

Instituted

N/A

Settled
4/30/2014

Arthrex

8147514

9/27/2013

3/3/2014

Instituted

N/A

Disclaimed all
claims

Arthrex

8147514

9/27/2013

3/21/2014

Instituted

N/A

Disclaimed all
claims

(1) Disclaimed claims 15-20 and 26-28. Claims 21,22 and 31-36 found unpatentable

Bonutti Bonutti Skeletal Innovations LLC(continued)


Inter Partes Reviews
Petitioner

Patent Number

Filing Date

Globus Medical

8795363

6/4/2015

Globus Medical

8486066

6/4/2015

Globus Medical

7001385

6/4/2015

Globus Medical

6423063

6/4/2015

Globus Medical

6099531

6/4/2015

Institution
Decision Date

Institution
Decision

Oral Hearing
Date

Final Decision

Bonutti Bonutti Skeletal Innovations LLC (continued)

District Court Litigation


Defendant

Filed

Case
Number

Markman
Hearing

Markman
Opinion
Released

Jury Trial

Venue

Dismissed

Days to
Dismissal

Settled

Settled

Delaware

1/7/2014

484

Scheduling

Delaware

Smith & Nephew

9/10/2012

1:12-cv-01111

Settled

Wright Medical

9/10/2012

1:12-cv-01110

Scheduling

ConforMIS Inc

9/10/2012

1:12-cv-01109

Scheduling

N/A

Scheduling

Delaware

1/5/2015

847

Linvatec Corp

9/10/2012

6:12-cv-01379

1/24/2014

3/25/2014

4/1/2015

MD
Florida

4/9/2014

576

Zimmer Holdings

9/10/2012

1:12-cv-01107

Scheduling

Scheduling

Delaware

Stayed
1/7/2014

Arthrex

9/10/2012

6:12-cv-01380

1/24/2014

3/25/2014

2/2/2015

MD
Florida

7/9/2014

667

Depuy Mitek

9/10/2012

1:12-cv-11667

5/1/2014

5/2/2014

TBD

Mass

10/2/2014

752

Linvatec Corp

11/14/2012

6:12-cv-01709

1/24/2014

3/25/2014

4/1/2015

MD
Florida

4/9/2014

511

Biomet

3/8/2013

3:13-cv-00176

9/24/2014

4/13/2015

Stayed
pending
settlement

Indiana

Arthrex

4/17/2013

6:13-cv-00620

1/24/2014

3/25/2014

2/2/2015

MD
Florida

7/9/2014

448

Biomet

5/3/2013

2:13-cv-00377

Settled

Settled

Settled

EDTX

9/16/2013

136

Covidien

8/2/2013

1:13-cv-01213

12/10/2014

2/25/2015

Settled

DC

6/5/2015

672

MicroPort Orthopedics

8/12/2014

1:14-cv-01040

Not Scheduled

Not
Scheduled

Not
Scheduled

Delaware

Stayed
Pending
IPR

Globus

11/19/2014

2:14-cv-06650

Not Scheduled

Not
Scheduled

Not
Scheduled

EDPA

DePuy Synthes

12/18/2014

1:14-cv-14680

Not Scheduled

Not
Scheduled

Not
Scheduled

Mass

3/31/2015

103

Industrial Print Technologies

Acquired the portfolio on July 1, 2013.


The portfolio relates to ink jet and ink jet printing technologies.

District Court Litigation

Filed

Case Number

Markman
Hearing

Canon

1/13/2014

1:15-cv-00672

Scheduling

Canon

1/13/2014

2:14-cv-00019

N/A

ONeil Data
Systems / HP

1/29/2014

3:15-cv-01100

Scheduling

ONeil Data
Systems / HP

9/12/2014

2:14-cv-00048

N/A

ONeil Data
Systems / HP

9/12/2014

3:15-cv-01101

Scheduling

ONeil Data
Systems / HP

1/14/2015

2:14-cv-00892

N/A

ONeil Data
Systems / HP

1/14/2015

3:15-cv-01104

Scheduling

ONeil Data
Systems / HP

1/16/2015

2:15-cv-00020

N/A

QuadGraphics /
HP

1/16/2015

3:15-cv-01103

Vistaprint / HP

1/16/2015

Fort Dearborn /
HP

Defendant

Markman
Opinion
Released

Jury Trial

Venue

Scheduling

SDNY

N/A

EDTX

Scheduling

NDTX

N/A

EDTX

Scheduling

NDTX

N/A

EDTX

Scheduling

NDTX

N/A

EDTX

Scheduling

Scheduling

NDTX

3:15-cv-01106

Scheduling

Scheduling

NDTX

1/16/2015

3:15-cv-01195

Scheduling

Scheduling

NDTX

Vistaprint / HP

1/16/2015

1:15-cv-00049

N/A

N/A

N/A

Fort Dearborn /
HP

1/16/2015

1:15-cv-00467

N/A

N/A

3:15-cv-00165

Scheduling

Cenveo Inc / HP

1/16/2015

Quad/Graphics

1/16/2015

2:15-cv-00025

N/A

Punch
International

6/19/2015

6:10-cv-00909

Scheduling

N/A

N/A

N/A

N/A

N/A

Dismissed

Days to
Dismissal

1/30/2015

Transferred to
SDNY

4/8/2015

Transferred to
NDTX

4/8/2015

Transferred to
NDTX

4/8/2015

Transferred to
SDNY

Delaware

4/10/2015

Transferred to
NDTX

N/A

NDIL

4/10/2015

Transferred to
NDTX

Scheduling

NDTX

N/A

EDTX

4/8/2015

Transferred to
NDTX

Scheduling

MDFL

O.S. Security LLC

Acquired the portfolio on October 15, 2013.


The portfolio relates to power managed security system technology.

District Court Litigation

Defendant

Filed

Case Number

Markman
Hearing

Markman
Opinion
Released

Jury Trial

Venue

Dismissed

Days to
Dismissal

3/5/2014

121

Videx

11/4/2013

1:11-cv-05506

N/A

N/A

N/A

NDIL

First Alert

3/3/2014

8:14-cv-00310

3/3/2015

3/16/2015

1/12/2016

CDCA

Schlage Lock
Company

3/3/2014

8:14-cv-00319

3/3/2015

3/16/2015

2/16/2016

CDCA

Sargent
Manufacturing

3/3/2014

8:14-cv-00318

3/3/2015

3/16/2015

11/13/2015

CDCA

Kaba Ilco

3/3/2014

8:14-cv-00316

N/A

N/A

N/A

CDCA

9/5/2014

186

John Brush &


Co

3/3/2014

8:14-cv-00314

3/3/2015

3/16/2015

N/A

CDCA

5/8/2015

431

Alarm Lock
Systems

3/3/2014

8:14-cv-00312

N/A

N/A

N/A

CDCA

9/23/2014

204

July 20 2015

IP HAWK
Acacia Research Group
David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.com

Disclosure: I, David Hoff, own stock in ACTG. I have no plans to buy or sell any stock
within the next 72 hours. I wrote this report myself, and it expresses my own opinions. I have no business
relationship with any company whose stock is mentioned in the article.
DISCLOSURE:

The information contained herein is not intended to be investment advice and does not constitute any form of
invitation or inducement by David Hoff to engage in investment activity. Neither the information nor any
opinion expressed constitutes a solicitation for the purchase or sale of any security. Securities, financial
instruments, strategies, or commentary mentioned herein may not be suitable for all investors and this material is
not intended for any specific investor and does not take into account an investors particular investment
objectives, financial situations or needs. Any opinions expressed herein are given in good faith, are subject to
change without notice, and are only current as of the stated date of their issue. Prices, values, or income from any
securities or investments mentioned in this report may fluctuate, and an investor may, upon selling an investment
lose a portion of, or the entire principal amount invested. Past performance is no guarantee of future results.
Before acting on any recommendation in this material, you should consider whether it is suitable for your
particular circumstances and, if necessary, seek professional advice.
FORWARD-LOOKING STATEMENT
This report may contain certain forward-looking statements and information, as defined within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to
the Safe Harbor created by those sections. This material contains statements about expected future events and/or
financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward- looking
statements by definition involve risks, uncertainties and other factors, which may cause the actual results,
performance or achievements of mentioned company to be materially different from the statements made.
COMPLIANCE PROCEDURE
Content is researched, written and reviewed on a best-effort basis. However, we are only human and are prone to make
mistakes. If you notice any errors or omissions, please notify me at iphawk@outlook.com.
NO WARRANTY OR LIABILITY ASSUMED
David Hoff is not responsible for any error which may be occasioned at the time of printing of this document or
any error, mistake or shortcoming. David Hoff has not been compensated for this report. No liability is accepted by David
Hoff whatsoever for any direct, indirect or consequential loss arising from the use of this document. David Hoff
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information. The included information is subject to change without notice.

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