SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP remind investors of the upcoming deadline to move for appointment as lead plaintiff in the class action litigation that has been filed on behalf of investors who purchased or otherwise acquired the publicly traded securities of Oracle Corporation (“Oracle” or the “Company”) (NYSE: ORCL) between May 10, 2017 and March 19, 2018, inclusive (the “Class Period”).
If you purchased or otherwise acquired Oracle’s publicly traded securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than October 9, 2018. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions.
Oracle investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Oracle, incorporated in Delaware and with headquarters in Redwood City, California, is a multinational technology company.
The action alleges that Defendants violated provisions of the Exchange Act by issuing false and misleading press releases, filings with the U.S. Securities and Exchange Commission (“SEC”), and statements during investor and analyst conference calls. Throughout the Class Period, Defendants misrepresented the true drivers of the Company’s cloud revenue growth. In particular, Defendants falsely attributed the Company’s revenue growth in its cloud segment to a variety of factors and initiatives, including, among other things, Oracle's “unprecedented level of automation and cost savings,” as well as the Company being “customer-focused” and “intimate partners with [its] customer.” In truth, Oracle drove sales of cloud products using threats and extortive tactics. Among other things, the Company threatened current customers with “audits” of their use of the Company's non-cloud software licenses unless the customers agreed to shift their business to Oracle cloud programs. The use of such tactics concealed the lack of real demand for Oracle’s cloud services, making the growth unsustainable and ultimately driving away customers.
Plaintiff alleges the truth was revealed on March 19, 2018, when the Company disclosed that cloud revenue growth had stagnated, and forecasted significantly slower sales growth for its cloud business than its competitors. Specifically, the Company reported that quarterly cloud revenue rose only 32% (half of the average reported quarterly growth over the past two years), and the Company projected further declines in cloud sales growth the following quarter. On this news, Oracle shares fell nearly 9.5%, or $4.90 per share, on March 20, 2018—the Company’s largest single-day stock drop in over five years. Following the March 19 financial disclosures, analysts and market commentators connected Oracle’s poor financial performance to its improper sales tactics. Gartner, Inc.—a leading research and advisory company—observed that Oracle had to rely on coercive practices because its cloud-based offering is not as sophisticated as others on the market.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for 15 years. In compiling the list, the NLJ examines recent verdicts and settlements and looks for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 selected Lieff Cabraser as one of the “Top 50 Law Firms Nationwide for Litigation,” highlighting our firm’s “laser focus” and noting that Lieff Cabraser routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” The publication separately named our firm one of five “2017 California Powerhouses,” the only plaintiffs' firm on the list. Best Lawyers and U.S. News named Lieff Cabraser as a “Law Firm of the Year” from 2012 through 2016, and the firm has received a number of other recent honors, awards, and recognition, including the National Law Journal’s “Elite Trial Lawyers,” Law360’s “Most Feared Plaintiffs’ Firms,” and Benchmark Litigation's “Top 10 Plaintiffs Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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