NEW YORK, June 10, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed on behalf of Oracle Corporation ("Oracle" or the "Company") (NYSE: ORCL) and certain of its officers. The class action, filed in United States District Court, Northern District of California, and docketed under 16-cv-02966, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Oracle securities between September 16, 2015 and June 1, 2016 inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Oracle securities during the Class Period, you have until August 1, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
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, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, 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.
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.
On this news, Oracle stock fell $1.60, or 3.97%, to close at $38.66 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