LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Oracle Corporation (“Oracle” or “the Company”) (NYSE: ORCL) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between May 10, 2017, and March 19, 2018, inclusive (the ''Class Period''), are encouraged to contact the firm before October 9, 2018.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at email@example.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Oracle’s cloud revenues were driven in part by coercive and improper sales tactics. Examples of these practices include threatening clients with audits of non-cloud software usage if the clients did not shift software to cloud computing options. Customer support was also decreased for certain products in an effort to encourage adoption of cloud-based alternatives. Oracle’s sales teams would also threaten dramatic license cost increases if customers utilized another cloud computing provider. These tactics upset customers to the extent that some did not renew certain software licenses, or terminated business relationships with Oracle altogether. When the market learned the truth about Oracle’s business practices, investors suffered damages.
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