Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of Oracle Corp. Investors & Encourages In...
August 01 2016 - 12:24PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that a
class action lawsuit has been filed on behalf of investors who
purchased Oracle Corporation (“Oracle” or the “Company”) (NYSE:
ORCL) securities between September 16, 2015 and June 1,
2016, inclusive (the “Class Period”). Oracle investors have
until August 1, 2016 to file a lead plaintiff
motion.
Investors suffering losses on their Oracle investments are
encouraged to contact Lesley Portnoy of GPM to discuss their legal
rights in this class action at 310-201-9150 or by email to
shareholders@glancylaw.com.
On June 1, 2016, after market close, several news reports
disclosed that a former Oracle finance manager has filed a
whistleblower lawsuit against the Company. The whistleblower
complaint alleges that Oracle asked the manager to boost Oracle’s
cloud computing revenue figures, and make the cloud computing
segment’s performance look better. On this news the Company’s
shares fell over $1.80 per share during intraday trading on June 2,
2016.
The complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements and/or failed to
disclose that: (i) Oracle used improper accounting practices to
inflate the Company’s cloud computing revenues by millions of
dollars; (ii) Oracle violated certain laws and regulations when it
terminated a senior finance manager for raising the Company's
improper accounting practices to the attention of her supervisors;
and (iii) as a result of the foregoing, Oracle’s public statements
were materially false and misleading at all relevant times.
If you purchased shares of Oracle during the Class Period you
may move the Court no later than August 1, 2016 to
ask the Court to appoint you as lead plaintiff if you meet certain
legal requirements. To be a member of the Class you need not take
any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you
wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Lesley Portnoy,
Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to shareholders@glancylaw.com, or visit our website at
http://glancylaw.com. If you inquire by email please include your
mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160801006059/en/
Glancy Prongay and Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224https://www.glancylaw.comshareholders@glancylaw.com
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