Monday, August 13, 2018

Oracle Accused of Defrauding Investors on Cloud Sales Growth -- Bloomberg

New platform; same business model...
"Oracle Corp. is named in a lawsuit alleging the company’s executives lied to shareholders when they explained why cloud sales were growing.

The investor leading the case, the City of Sunrise Firefighters’ Pension Fund, claimed Oracle engaged in coercion and threats to sell its cloud-computing products, creating an unsustainable model that fell apart, according to the suit seeking class-action status and filed Friday in San Jose, California. The Florida-based firefighter pension fund and other investors lost money when Oracle’s stock plummeted in March after reporting a disappointing earnings report and outlook, according to the lawsuit."
Oracle Accused of Defrauding Investors on Cloud Sales Growth -- Bloomberg

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