NYSE
ORCL

Oracle Corporation

Shareholder Securities Fraud Litigation

Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Oracle Corporation (NYSE: ORCL)

Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the common stock of Oracle Corporation (“Oracle” or the “Company”) (NYSE: ORCL) between September 16, 2015 and June 1, 2016 (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased shares of Oracle during the Class Period, or purchased shares prior to the Class Period and still hold Oracle, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects.  Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) Oracle used improper accounting practices to inflate the Company’s cloud computing revenues by millions of dollars; (2) in violation of the Sarbanes-Oxley Act of 2002 (“the “Sarbanes-Oxley Act”) and the DoddFrank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), Oracle had terminated a Senior Finance Manager for raising the Company’s improper accounting practices to the attention of her supervisors; and (3) as a result of the foregoing, Oracle’s public statements were materially false and misleading at all relevant times.  As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.

According to the Complaint, on June 1, 2016, after the markets had closed, media outlets reported that a former Senior Finance Manager at Oracle, Svetlana Blackburn (“Blackburn”), had sued the Company for terminating her for complaining about improper accounting practices in Oracle’s cloud services business.  In a complaint filed in U.S. District Court for the Northern District of California, Blackburn accused Oracle’s upper management of trying to push her to "fit square data into round holes" to make Oracle Cloud Services' results look better. Blackburn’s lawsuit accused Oracle of violating the anti-retaliation provisions of the Sarbanes-Oxley Act and the Dodd-Frank Act and alleged that Blackburn was terminated on October 15, 2015, just one month after the alleged wrongdoing began, and two months after she received a positive performance review.

On this news, shares of Oracle dropped almost 4%, closing at $38.66 per share on June 2, 2016, on heavy trading volume.

If you wish to serve as lead plaintiff, you must move the Court no later than August 1, 2016.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

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