NEW YORK, June 6, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential misconduct at Oracle Corp. ("Oracle" or the "Company") (NYSE: ORCL).
The investigation focuses on whether the Company's Board of Directors and/or its officers committed mismanagement and breached their fiduciary duties by engaging in potential unlawful accounting practices. A whistleblower complaint filed on June 1, 2016 by Svetlana Blackburn, a former senior finance manager in the Company's cloud-computing business, alleged that Ms. Blackburn's job "came to an abrupt end because she resisted, refused to engage in and threatened to blow the whistle on accounting practices she reasonably believed to be unlawful." Additionally, the complaint alleged that Ms. Blackburn's "superiors instructed her to add millions of dollars in accruals to financial reports, with no concrete or foreseeable billing to support the numbers," and that "upper management was trying to fit square data into round holes, in an effort to boost ORACLE Cloud Services financial reports …" supervisors "instructed her to add millions of dollars that certain of the financial reports that would be paraded before company leadership as well as the investing public." As a result of the foregoing, the Company is now facing a federal securities class action.
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If you currently own Oracle stock and would like to discuss your legal rights, please visit www.faruqilaw.com/ORCL. You can also contact us by calling Stuart Guber toll free at (215) 277-5770 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Oracle's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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