Oracle agrees to settle class action over cloud sales tactics for $17.5m
An amended complaint was filed in March 2019 when German investment company Union Asset Management Holding AG took over as lead plaintiff.
The lead plaintiff has put forward the settlement on the basis that continuing with the litigation could be beset by"substantial risks, costs, and delays", according to court papers. Oracle in turn was set to argue that its revenue — and guidance — was accurately reported; and that even if any alleged improper sales practices had occurred, they were not a material driver of cloud sales. Oracle was also set to argue that, in the case of allegations of discounts to customers of Oracle's cloud products,"such discounts were proper and could not be the basis for a claim of fraud.
Oracle was also set to argue that the investors bringing the case could not establish loss causation because certain of the"alleged disclosures did not correct earlier-reported cloud revenue or growth rates, and that the vast majority of alleged corrective disclosures did not reference allegedly improper sales practices."
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