Stull, Stull & Brody is Investigating Claims on Behalf of Oracle Corporation’s (NYSE:ORCL) 401(k) Plan


NEW YORK, June 17, 2016 (GLOBE NEWSWIRE) -- Stull, Stull & Brody today announced that a securities fraud complaint has been filed and that it has commenced an investigation relating to the 401(k) defined contribution plan of Oracle Corporation (NYSE:ORCL) ("Oracle" or the "Company"). Among other things, Stull, Stull & Brody is investigating whether fiduciaries of Oracle's 401(k) plan violated the Employee Retirement Income Security Act of 1974 ("ERISA") by offering Oracle stock as an investment option under the plan when it was not prudent to do so and by failing to disclose the Company's true financial and operating condition to participants and beneficiaries of the plan.

If you held Oracle stock in an individual account under any of the Company's 401(k) plan during the last several years and have questions about your legal rights or interests with respect to these matters, please contact Michael Klein, Esq. at Stull, Stull & Brody by e-mail at ORCL@ssbny.com, by calling toll-free 1-800-337-4983 x147, by fax to 1-212-490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.

The securities fraud action filed in the United States District Court for the Northern District of California focuses on whether, between September 16, 2015 and June 1, 2016, the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) Oracle used improper accounting practices to inflate the Company’s cloud computing revenues by millions of dollars; (ii) Oracle violated certain laws and regulations when it terminated a senior finance manager for raising the Company’s improper accounting practices to the attention of her supervisors; and (iii) as a result of the foregoing, Oracle’s public statements were materially false and misleading at all relevant times.

On June 1, 2016, media outlets reported that Oracle’s former senior finance manager, Svetlana Blackburn, is suing the Company for wrongful termination, alleging the Company terminated her employment after she complained about improper accounting practices in Oracle’s cloud services business.

You may retain Stull, Stull & Brody, or other counsel of your choice, to represent you. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 40 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in New York and Beverly Hills.

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