STEVENSON, Md., Aug. 28, 2018 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Oracle Corporation (NYSE: ORCL) (“Oracle” or the “Company”) securities during the period between May 10, 2017 and March 19, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until October 9, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Oracle securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the growth in Oracle’s cloud revenues were driven, at least in part, by improper, coercive sales practices, which included 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, 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 strong-arming customers by threatening to dramatically raise the cost of legacy database licenses if the customers choose another cloud provider.
According to the complaint, following a March 19, 2018 announcement that cloud revenue growth had stagnated and forecasting significantly slower sales growth for its cloud business than its competitors, the value of Oracle shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Oracle securities purchased on or after May 10, 2017 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
