NEW YORK, June 2, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Oracle Corporation ("Oracle" or the "Company") (NYSE: ORCL). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Oracle and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On June 1, 2016, post-market, media outlets reported that Oracle's former senior finance manager had sued the Company for allegedly terminating her for complaining about improper accounting practices in Oracle's cloud services business. In a complaint filed in U.S. District Court in San Francisco, the former executive, Svetlana 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 federal Sarbanes-Oxley corporate governance and Dodd-Frank financial reform laws 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 has fallen as much as $1.94, or 4.82%, to $38.32 during intraday trading on June 2, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP