SAN FRANCISCO (Legal Newsline) – One of the world's largest software companies is alleged to have defrauded its investors.
City of Sunrise Firefighters’ Pension Fund filed a complaint on behalf of themselves and all others similarly situated on Aug. 10 in the U.S. District Court for the Northern District of California against Oracle Corp., et al. alleging violation of the Exchange Act.
According to the complaint, the plaintiff is suing on behalf of a class who purchased Oracle stock from May 10, 2017, to March 19, 2018. They allege Oracle misrepresented revenue growth within its cloud segment.
The suit states on March 19, stock prices declined $4.90 per share when Oracle disclosed revenue growth had stagnated.
The plaintiff holds Oracle Corp., et al. responsible because the defendants allegedly carried out a plan to deceive the investing public and caused economic harm.
The plaintiffs request a trial by jury and seek judgment against defendants, award compensation to plaintiff, plus interest, costs and expenses, attorneys’ fees and expert fees, equitable/injunctive or other further relief as the court may deem just.
It is represented by David R. Stickney of Bernstein Litowitz Berger & Grossman LLP in San Diego; Mark Lebovitch and Avi Josefson of Bernstein Litowitz Berger & Grossman LLP in New York; and Robert D. Klausner of Klausner, Kaufman, Jenses & Levinson in Plantation, Florida.
U.S. District Court for the Northern District of California case number 18-cv-04844