BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Oracle Corporation (“Oracle” or the “Company”) (NYSE: ORCL) securities between September 16, 2015 and June 1, 2016, inclusive (the “Class Period”). Oracle investors have until August 1, 2016 to file a lead plaintiff motion.
Investors who suffered losses on their Oracle investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On June 1, 2016, after market close, several news reports disclosed that a former Oracle finance manager has filed a whistleblower lawsuit against the Company. The whistleblower complaint alleges that Oracle asked the manager to boost Oracle’s cloud computing revenue figures, and make the cloud computing segment’s performance look better. On this news the Company’s shares fell over $1.80 per share during intraday trading on June 2, 2016.
The complaint alleges that throughout the Class Period, 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) Oracle violated certain laws and regulations when it 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.
If you purchased shares of Oracle during the Class Period you may move the Court no later than August 1, 2016 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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