According to the law firm press release, Oracle develops, manufactures, markets, sells, hosts, and supports database and middleware software, application software, cloud infrastructure, hardware systems, and related services worldwide. Oracle is among the world’s largest software makers by revenue. Through its Oracle Cloud offerings, the Company purports to be a leader in the core technologies of cloud information technology environments, including database and middleware software as well as enterprise applications, virtualization, clustering, large-scale systems management and related infrastructure. The Company’s Oracle Cloud offerings include Software-as-a-Service, Platform-as-a-Service, and Infrastructure-as-a-Service offerings.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Oracle used improper accounting practices to inflate the Company’s cloud computing revenues by millions of dollars; (ii) in violation of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) and the Dodd-Frank 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 (iii) as a result of the foregoing, Oracle’s public statements were materially false and misleading at all relevant times.