Investor News: Deadline in Lawsuit against Oracle Corporation (NYSE:ORCL) on August 1, 2016

Will The House Now Try To Undo SOX?
Will The House Now Try To Undo SOX?

A deadline is coming up on August 1, 2016 in the lawsuit filed for certain investors in NYSE:ORCL shares over alleged securities laws violations by Oracle.

Investors who purchased shares of Oracle Corporation (NYSE:ORCL) have certain options and there are strict and short deadlines running. Deadline: August 1, 2016. NYSE:ORCL stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.

The plaintiff alleges on behalf of certain purchasers of Oracle Corporation (NYSE:ORCL) common shares, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Defendants made false and/or misleading statements and/or failed to disclose that Oracle Corporation used improper accounting practices to inflate the Company’s cloud computing revenues by millions of dollars, that 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 that 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 Corporation, Svetlana Blackburn (“Blackburn”), had sued Oracle Corporation for terminating her for complaining about improper accounting practices in Oracle Corporation’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.

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