SAN DIEGO, June 22, 2020 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in Oracle Corporation (NYSE: ORCL) shares.
On August 10, 2018, a lawsuit was filed against Oracle Corporation over alleged Securities Laws Violations. The plaintiff alleged that the 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."
According to the plaintiff, 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 plaintiff claimed, 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.
On March 8, 2019, a consolidated complaint was filed, and the defendants filed their motion to dismiss the lawsuit. On December 17, 2019, the court granted the defendant’s motion to dismiss with leave to amend the complaint. On February 17, 2020, an amended consolidated complaint was filed.
Those who purchased Oracle Corporation (NYSE: ORCL) shares should contact the Shareholders Foundation, Inc.
Shareholders Foundation, Inc.
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.