NEW YORK, Aug. 17, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Oracle Corporation (“Oracle” or the “Company”) (NYSE:ORCL) of the October 9, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Oracle stock or options between May 10, 2017 and March 19, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/ORCL. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Oracle stock between May 10, 2017 and March 19, 2018 (the “Class Period”). The case, City of Sunrise Firefighters' Pension Fund v. Oracle Corporation, et al., No. 18-cv-04844 was filed on August 10, 2018, and has been assigned to Judge Beth Labson Freeman.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by falsely attributing Oracle’s revenue growth in its cloud segment to a variety of factors and initiatives, including an "unprecedented level of automation and cost savings," as well as a "customer-focused" business approach. The lawsuit alleges that the Company’s sales of cloud products during the Class Period were driven by extortive tactics and threats, which concealed a lack of real demand for Oracle’s cloud service.
Specifically, on March 19, 2018, the Company reported that quarterly cloud revenue rose only 32%, or just half the average reported quarterly growth over the past two years, and Oracle projected that cloud sales growth would decline even further to only 20% in the following quarter.
On this news, the Company’s share price fell from $51.95 on March 19, 2018 to $47.05 on March 20, 2018—a $4.90 or 9.43% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Oracle’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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