SAN FRANCISCO (Legal Newsline) – A California man is suing database software maker Oracle and its corporate officers over claims it falsified statements about the company’s performance in an alleged attempt to boost its stock price.
Grover M. Klarfeld filed a class-action lawsuit June 2 in U.S. District Court for the Northern District of California against Oracle Corp., Lawrence J. Ellison, Mark Vincent Hurd and Safra Ada Catz, alleging violation of federal securities laws.
According to the complaint, Oracle used improper accounting methods to inflate its cloud computing revenues and hid the fact that it terminated a senior finance manager for raising a red flag over the alleged practices. These actions violate the Sarbanes-Oxley and Dodd-Frank acts, the suit claims, rendering their previous financial statements released after Sept. 16, 2015 false and misleading.
The plaintiff class seeks a jury trial, compensatory damages and interest, and litigation costs. He and the class are represented by Pomerantz LLP attorneys Jennifer Pafiti in Beverly Hills, Jeremy A. Lieberman and J. Alexander Hood II in New York, and Patrick V. Dahlstrom in Chicago, all of the firm Pomerantz LLP.
U.S. District Court for the Northern District of California Case number 4:16-cv-02966