Feeds

Oracle execs telling porky pies?

Another class-action lawsuit

  • alert
  • submit to reddit

Maximizing your infrastructure through virtualization

Oracle faces a lawsuit by a group of shareholders accusing execs of lying about the company's financials.

The class-action lawsuit has been filed by New York lawyers Schoengold & Sporn in the US District Court for the Northern District of California. It affects investors who bought Oracle stock between December 15 2000 and March 1 2001.

The suit alleges that Oracle big cheeses violated federal securities laws, including "omitting material information and disseminating materially false and misleading statements" in company announcements and Securities and Exchange Commission (SEC) filings.

A representative of Schoengold & Sporn today declined to reveal the amount of damages the lawyers want to squeeze out of Oracle, or how many shareholders the suit is representing.

Anyone who bought shares in the allotted time can add their name to the case against the US software giant within 60 days of March 9.

This is not the first suit filed against Oracle this month on behalf of unhappy shareholders. San Diego lawyers Milberg Weiss Bershad Hynes & Lerach have also filed a suit in US District Court in San Francisco against the company and its CEO Larry Ellison. It accuses Ellison of insider trading, with claims that the company exaggerated sales expectations and the promise of its 11i software suite. ®

Related Stories

Oracle's Ellison sued for insider trading
Oracle hurt by IT spending cuts
Oracle trims workforce

The Power of One Infographic

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
US freemium mobile network eyes up Europe
FreedomPop touts 'free' calls, texts and data
prev story

Whitepapers

Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.