Oracle investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Oracle develops, manufactures, markets, sells, hosts, and supports database and middleware software, application software, cloud infrastructure, hardware systems, and related services worldwide. Oracle is among the world’s largest software makers by revenue. Through its Oracle Cloud offerings, the company purports to be a leader in the core technologies of cloud information technology environments, including database and middleware software as well as enterprise applications, virtualization, clustering, large-scale systems management and related infrastructure. The Company’s Oracle Cloud offerings include Software-as-a-Service, Platform-as-a-Service, and Infrastructure-as-a-Service offerings.
The complaint alleges that throughout the Class Period, the defendants made materially false and misleading statements regarding the company’s business, operational and compliance policies. Specifically, the complaint alleges that the 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.
According to the complaint, 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.
Following this news, Oracle stock fell $1.60, or 3.97%, to close at $38.66 on June 2, 2016.
If you are a member of the class described above, you may no later than August 1, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
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Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
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