I am providing you all with the link to the latest legal filing that outlines the years of CLOUD FRAUD. this is possibly the main reason for mass layoffs.
https://www.blbglaw.com/cases/oracle-corporation?viewDocs=1
9 replies (most recent on top)
@1oza+13GeMdb3, even if you are right, more interesting class actions are to come.
Let´s see when the traditional business drops to almost disappears, where the stock valuation goes, despite the purchases.
Oracle will certainly try to make this disastrous decline be visible at the time -or later- they announce a massive job cut.
FINRA doesn’t regulate companies like Oracle.
From wikipedia:
“It is a non-governmental organization that regulates member brokerage firms and exchange markets. The government agency which acts as the ultimate regulator of the securities industry, including FINRA, is the Securities and Exchange Commission.“
Draw a comparison chart of ORCL compared to CRM, MSFT, S&P500 for the last five years.
Oracle may not have lost value if looked at in isolation, but compared to index or competitors it has performed terribly.
Hopefully employees didn’t fill their 401ks with ORCL.
see page 44 of 164 of the filing. It is very disturbing that Oracle would offer FINRA (NOTE: Regulatory Agency) a discount on their $10M "out of compliance" audit penalty invoice if they agreed to purchase $2.5M in cloud. What, FINRA didn't pick up this game???
This entire class action suit is moot because ORCL stockholders suffered no losses during the class period. Just look at the charts! Even if LJE had shot Santa Claus, there are obviously no grounds for an investor class action suit. The attorneys who put this suit together will obviously never be compensated for all the zillions of hours they spent putting this thing together. Good Karma strikes again!
Time is coming.
And let´s not forget that soon the database new revenue will be almost zero, due to what they have been doing these last years.
Implosion. They will need to announce huge layoffs to stop the stock value from going to 15$.
A reminder. If you are aware of any suspected accounting reporting fraud and have evidence to support it you should report it confidentially directly to the SEC. They offer rewards of between 10% to 30% of the amount recovered. You can be based anywhere in the world, you don't need to be an Oracle employee. Don't participate in illegal activities. $300million plus already paid out to whistleblowers.
Search SEC whistleblower.
Share price way too high - going to $5!
From that filing
"[W]e ask the following: if the largest-scale CIO survey shows ORCL now has negative spending intentions; and ORCL is lagging in Digital Transformation projects; and ORCL is trailing in Cloud Computing plans; and its criticality as a mega-vendor has fallen to new lows; and ORCL databases are being unplugged in favor of Microsoft and Amazon databases; and ORCL applications are being
unplugged in favor of Salesforce and Workday applications; and customers are weary of ORCL’s unpopular commercial tactics – then where is this business and this stock heading in the next couple of years?
"JP Morgan further discussed the “Specific Reasons for Declining Oracle Spend,” stating that reasons that the CIOs moved away from Oracle included that “they do not like Oracle’s ‘business practices and the difficulty of working with them in the past"
I see the 2020 spending predictions continue the trend.
https://www.crn.com/slide-shows/cloud/goldman-sachs-it-spending-survey-top-vendor-winners-and-losers/1
"Cisco Systems, Microsoft, Palo Alto Networks and Tableau Software are among the technology companies that stand to benefit from increased information technology spending in 2020, while Check Point Software Technologies, Juniper Networks and Oracle are expected to lose wallet share, according to the results of a new Goldman Sachs survey."
Customers simply loathe Oracle and are migrating away as quickly as they can. More layoffs inevitable.