Update on Oracle Corporation Settlement
Oracle Corporation has shared important news regarding a proposed settlement in a shareholder derivative action. This announcement is intended to inform all current Oracle stockholders about their rights and what this settlement means for them.
Key Court Information
The proceedings are being overseen by the United States District Court for the Northern District of California. The case is officially titled In re Oracle Corporation Stockholder Derivative Litigation, with Lead Case No. 5:19-cv-00764-BLF.
Notice Summary
This summary notice is aimed at all individuals and entities holding Oracle common stock as of a specific date, who continue to own their shares until the Settlement Fairness Hearing concludes.
Effects of the Settlement
Current Oracle stockholders should recognize that their rights may be impacted by the proposed settlement. If approved, this settlement will prevent them from challenging its fairness and from pursuing any claims related to the plaintiffs.
Settlement Details
The settlement focuses on a derivative action meant to benefit Oracle. If the Court approves it, several corporate governance measures will be established, including improved procedures for reviewing post-earnings calls, which will enhance accountability for the company’s communications.
Legal Fees and Costs
Co-Lead Counsel will request an award for attorneys' fees and related expenses, which is limited to $700,000. Oracle Corporation will cover these costs, ensuring that stockholders are not personally responsible for them.
Settlement Fairness Hearing
A Settlement Fairness Hearing is set to discuss the proposed terms. Stakeholders are encouraged to participate in this hearing, either in person or online, to share their opinions. It is important to submit any objections before the specified deadline.
Rights of Current Stockholders
All current Oracle stockholders have the right to object to the proposed settlement and should file any objections with the Court. It is essential to note that the settlement is primarily for Oracle's benefit, and individual stockholders will not receive any direct payments.
No Proof of Claim Needed
Current Oracle stockholders are not required to submit any proof of claim forms related to this settlement, making their participation in the process easier.
Contact Information for Questions
If you have questions regarding this notice or the derivative action, please reach out 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 main purpose of this notice?
This notice aims to inform current Oracle stockholders about a proposed settlement related to a shareholder derivative action and how it may impact their rights.
Who is impacted by this settlement?
All individuals and entities holding Oracle common stock as of a specific date may be affected by the settlement.
What changes are being implemented as part of the settlement?
The settlement includes corporate governance measures designed to enhance oversight and accountability following quarterly earnings calls.
Will stockholders receive any payment from this settlement?
No, current Oracle stockholders will not receive any direct payments; the benefits of the settlement will be directed to Oracle.
How can stockholders voice their opinions on the settlement?
Stockholders can attend the Settlement Fairness Hearing and submit written objections to the Court before the specified deadline.
