Two shareholders sue Oracle

On Tuesday, local time, two Oracle shareholders sued the database giant and its board, saying it misled investors about the potential of the cloud business. The civil lawsuit, filed in the San Jose District Court, alleges that Oracle executives omitted important facts in their daily public relations and made false statements in 2017 to predict Oracle's bright revenue prospects.

On Tuesday, local time, two Oracle shareholders sued the database giant and its board, saying it misled investors about the potential of the cloud business.

The civil lawsuit, filed in the San Jose District Court, alleges that Oracle executives omitted important facts in their daily public relations and made false statements in 2017 to predict Oracle's bright revenue prospects.

According to the indictment, the strong financial performance of that year, especially in cloud computing, was driven by threats to authorization audits conducted by existing customers, reduced support for local systems to drive customers to cloud services, and threats to increase the price of legacy database licenses if customers switch to other cloud providers.