Cases
Oracle Corporation (ORCL)
Securities Class Action
Overview
Overview
- Date:
- 8/13/2018
- Company Name:
- Oracle Corporation
- Stock Symbol:
- ORCL
- Class Period:
- FROM 5/10/2017 TO 3/19/2018
- Status:
- Filed
- Court:
- U.S. District Court: Northern California
NEW YORK, August 13, 2018 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired Oracle Corporation (NYSE: ORCL) securities between May 10, 2017 and March 19, 2018, (the “Class Period”). Investors have until October 9, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that, throughout the Class Period, Defendants misrepresented the true drivers of the Company’s cloud revenue growth. In particular, Defendants falsely attributed the Company’s revenue growth in its cloud segment to a variety of factors and initiatives, including, among other things, Oracle’s “unprecedented level of automation and cost savings,” as well as the Company being “customer-focused” and “intimate partners with our customer.” In truth, Oracle drove sales of cloud products using threats and extortive tactics. The use of such tactics concealed the lack of real demand for Oracle’s cloud services, making the growth unsustainable and ultimately driving away customers. Among other things, the Company threatened current customers with “audits” of their use of the Company’s non-cloud software licenses unless the customers agreed to shift their business to Oracle cloud programs.
If you purchased Oracle securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The Complaint alleges that, throughout the Class Period, Defendants misrepresented the true drivers of the Company’s cloud revenue growth. In particular, Defendants falsely attributed the Company’s revenue growth in its cloud segment to a variety of factors and initiatives, including, among other things, Oracle’s “unprecedented level of automation and cost savings,” as well as the Company being “customer-focused” and “intimate partners with our customer.” In truth, Oracle drove sales of cloud products using threats and extortive tactics. The use of such tactics concealed the lack of real demand for Oracle’s cloud services, making the growth unsustainable and ultimately driving away customers. Among other things, the Company threatened current customers with “audits” of their use of the Company’s non-cloud software licenses unless the customers agreed to shift their business to Oracle cloud programs.
If you purchased Oracle securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.