NEW YORK, Aug. 13, 2018 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Oracle Corporation ("Oracle" or the "Company") (NYSE: ORCL). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Oracle and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On March 19, 2018, Oracle disclosed that its cloud business's revenue growth had stagnated and forecasted significantly slower sales growth for its cloud business than its competitors. Following this disclosure, analysts connected Oracle's poor financial performance to improper sales practice, observing that the Company had relied on coercive practices to conceal the lack of real demand for its cloud products.
On this news, Oracle's stock price fell $4.90 per share, or 9.43%, to close at $47.05 per share on March 20, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP