NEW YORK, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Oracle Corporation (“Oracle” or the “Company”) (NYSE: ORCL) in the United States District Court for the Northern District of California on behalf of a class consisting of investors who purchased or otherwise acquired Oracle securities between May 10, 2017 and March 19, 2018, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ alleged violations of the Securities Exchange Act of 1934.

The Complaint alleges that throughout the Class Period defendants issued false and misleading statements regarding Oracle’s cloud revenues and failed to disclose that these revenues were driven, at least in part, by improper, coercive sales practices, which included: (1) threatening existing customers with “audits” of their use of Oracle’s non-cloud software licenses and levying expensive penalties against those customers, unless the customers agreed to shift their business to Oracle cloud programs; (2) decreasing customer support for certain Oracle on-premises or hardware systems, in an effort to drive customers away from such systems and into cloud-based systems; and (3) strong-arming customers by threatening to raise the cost of legacy database licenses dramatically if the customers choose another cloud provider. The Complaint further alleges that these tactics upset Oracle’s customers, which in some cases have not only refused to purchase Oracle’s cloud offerings but have also looked to terminate their existing business relationships with Oracle. When the true details entered the market, the Complaint alleges that investors suffered damages.

Investors who purchased or otherwise acquired Oracle securities during the Class Period should contact the Firm prior to the October 9, 2018 lead plaintiff motion deadline.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com .

Please visit our website at http://www.gme-law.com for more information about the firm.