An investor in NYSE:ORCL shares filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Oracle Corporation in connection with certain allegedly false and misleading statements made between September 16, 2015 and June 1, 2016.
Investors who purchased shares of Oracle Corporation (NYSE:ORCL) have certain options and for certain investors are short and strict deadlines running. Deadline: August 1, 2016. NYSE:ORCL investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff claims that between September 16, 2015 and June 1, 2016 Defendants made false and/or misleading statements and/or failed to disclose that Oracle Corporation used improper accounting practices to inflate the Company’s cloud computing revenues by millions of dollars, that 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 that as a result of the foregoing, Oracle’s public statements were materially false and misleading at all relevant times.
Oracle Corporation reported that its Total Revenue declined from over $38.27 billion for the 12 months period that ended on May 31, 2014 to over $38.22 billion for the 12 months period that ended on May 31, 2015 and that its Net Income for those respective time periods declined from over $10.95 billion to over $9.93 billion.
Shares of Oracle Corporation (NYSE:ORCL) declined from $46.10 per share in December 2014 to $34.12 per share in January 2016.
On June 1, 2016, after the market closed, media outlets reported that a former Senior Finance Manager at Oracle Corporation, Svetlana Blackburn (“Blackburn”), had sued Oracle Corporation for terminating her for complaining about improper accounting practices in Oracle Corporation’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 June 13, 2016, NYSE:ORCL shares closed at $38.62 per share.
Those who purchased NYSE:ORCL shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com