NEW YORK, NY / ACCESSWIRE / July 26, 2016 / Bronstein, Gewirtz & Grossman, LLC, reminds investors of class action against Oracle Corporation ("Oracle" or "the Company") (NYSE: ORCL). The class action has been filed in the United States District Court, Northern District of California, on behalf of a class consisting of all persons or entities who purchased Oracle securities during the period between September 16, 2015 and June 1, 2016 inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Oracle used improper accounting practices to inflate the Company's cloud computing revenues by millions of dollars; (ii) in violation of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") and the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), Oracle had terminated a Senior Finance Manager for raising the Company's improper accounting practices to the attention of her supervisors; and (iii) as a result of the foregoing, Oracle's public statements were materially false and misleading at all relevant times.
On June 1, 2016, after the market closed, media outlets reported that a former Senior Finance Manager at Oracle, Svetlana Blackburn ("Blackburn"), had sued the Company for terminating her for complaining about improper accounting practices in Oracle's cloud services business. In a complaint filed in U.S. District Court for the Northern District of California, Blackburn accused Oracle's upper management of trying to push her to "fit square data into round holes" to make Oracle Cloud Services' results look better. Blackburn's lawsuit accused Oracle of violating the anti-retaliation provisions of the Sarbanes-Oxley Act and the Dodd-Frank Act and alleged that Blackburn was terminated on October 15, 2015, just one month after the alleged wrongdoing began, and two months after she received a positive performance review.
On this news, Oracle stock fell $1.60, or 3.97%, to close at $38.66 on June 2, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action please visit the firm's site: http://www.bgandg.com/#!orcl/ip9g0 or contact Peretz Bronstein, Esq. or his Investor Relations Coordinator, Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Oracle you have until August 1, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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