SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Notifies Investors of Class Action Against Oracle Corporation (ORCL) and Lead Plaintiff Deadline: October 9, 2018
NEW YORK, Aug. 13, 2018 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed Oracle Corporation ("Oracle" or the "Company") (NYSE: ORCL), on behalf of shareholders who purchased or otherwise acquired Oracle securities between May 10, 2017 through March 19, 2018, (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/orcl.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or 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.
On March 19, 2018, Oracle disclosed that its cloud business's revenue growth had stagnated and forecasted significantly slower sales growth for its cloud business than its competitors. Following this disclosure, analysts connected Oracle's poor financial performance to improper sales practice, observing that the Company had relied on coercive practices to conceal the lack of real demand for its cloud products. On this news, Oracle's stock price fell $4.90 per share, or 9.43%, to close at $47.05 on March 20, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/orcl or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Oracle you have until October 9, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC
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