NEW YORK, Aug. 31, 2018 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of Oracle Corporation securities (NYSE: ORCL) from May 10, 2017 through March 19, 2018, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for Oracle investors under the federal securities laws.
To join the Oracle class action, go to the firm’s website at http://rosenlegal.com/cases-905.html or call Phillip Kim, Esq. or Zachary Halper, Esq. toll free at 866-767-3653 or email pkim@rosenlegal.com or zhalper@rosenlegal.com for more information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.
According to the lawsuit, 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. These tactics alienated and angered Oracle 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 9, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to the firm’s website at http://rosenlegal.com/cases-905.html for more information. You may also contact Phillip Kim, Esq. or Zachary Halper, Esq. of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or zhalper@rosenlegal.com .
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013.
Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. Zachary Halper, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 34 th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 lrosen@rosenlegal.com pkim@rosenlegal.com zhalper@rosenlegal.com www.rosenlegal.com
