Oracle Corporation Settlement Update and Legal Notice
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Oracle Corporation Settlement Update
Oracle Corporation has announced a significant development regarding a proposed settlement of a shareholder derivative action. This notice serves to inform all current Oracle stockholders about their rights and the implications of this settlement.
Important Court Details
The United States District Court for the Northern District of California is overseeing the proceedings. The case is identified as In re Oracle Corporation Stockholder Derivative Litigation, with Lead Case No. 5:19-cv-00764-BLF.
Summary of the Notice
This summary notice is directed towards all individuals and entities holding Oracle common stock as of a specified date and who continue to hold their shares until the conclusion of the Settlement Fairness Hearing.
Impact of the Settlement
Current Oracle stockholders should be aware that their rights may be affected by the proposed settlement. This settlement will bar them from contesting its fairness and from pursuing any claims associated with the plaintiffs.
Details of the Settlement
The settlement addresses a derivative action intended for the benefit of Oracle. Should the Court approve it, several corporate governance measures will be put in place, including enhanced procedures for post-earnings call reviews, ensuring better accountability for the company's communications.
Legal Fees and Expenses
Co-Lead Counsel will seek an award for attorneys' fees and related expenses, which is capped at $700,000. Oracle Corporation is responsible for covering these costs, ensuring that stockholders are not personally liable.
Settlement Fairness Hearing
A Settlement Fairness Hearing is scheduled to review the proposed terms. Stakeholders are encouraged to attend this hearing, either in person or virtually, to express their views. It’s essential to submit any objections prior to a stated deadline.
Current Stockholders’ Rights
All current Oracle stockholders may object to the proposed settlement and should file any such objections with the Court. It's crucial to understand that the settlement is designed primarily for Oracle's benefit, and individual stockholders will not receive direct payments.
No Proof of Claim Required
Current Oracle stockholders need not submit any proof of claim forms related to this settlement, simplifying their participation in this process.
Contact Information for Inquiries
Questions regarding this notice or the derivative action may be directed to the Co-Lead Counsel:
Mark C. Molumphy, Esq.
Cotchett, Pitre & McCarthy
840 Malcolm Road, Suite 200
Burlingame, California 94010
(650) 697-6000
mmolumphy@cpmlegal.com
Alfred L. Fatale III, Esq.
Labaton Keller Sucharow LLP
140 Broadway
New York, NY 10005
(888) 219-6877
settlementquestions@labaton.com
Frequently Asked Questions
What is the primary purpose of this notice?
This notice informs current Oracle stockholders about a proposed settlement related to a shareholder derivative action and its potential effects on their rights.
Who is affected by this settlement?
All individuals and entities holding Oracle common stock as of a specific date may be affected by the settlement.
What measures are being implemented as part of the settlement?
The settlement includes corporate governance measures aimed at improving oversight and accountability after quarterly earnings calls.
Are stockholders entitled to any payment from this settlement?
No, current Oracle stockholders will not receive any direct payments; the benefits from the settlement will accrue to Oracle.
How can stockholders express their views on the settlement?
Stockholders may attend the Settlement Fairness Hearing and file written objections with the Court before the specified deadline.
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