I am hearing rumors that SEC is investigating Oracles cloud biz. This comes as no surprise...
Anyone hearing the same? Please share what you know and what you experienced while employed at the company.
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Interesting to read this starting Feb 2018. The SEC findings are fines, civil courts however, they do share their findings with the DOJ if, criminal charges are likely.
As stated in these posts .... When rust is found in an area by SEC then, DOJ is likely to find more in other areas. Of course, we know Oracle doesn't have corrupt rust anywhere...
https://thehill.com/policy/technology/3662997-oracle-to-pay-23m-to-settle-allegations-it-bribed-foreign-officials/
First step , stay tuned as more to be coming
This is still going on, with let's say "key executives" named as personal defendants. With stock dropping they will do everything to save themselves and their billions, including cut payroll.
Check the Oracle Careers / Job Search site and see how many Compliance and Ethics jobs are posted. Mainly in EMEA.
If you want to get some hints what is going on in EMEA look for example in the following requirements for the country leader Poland In Technology & Cloud Sales :
"Demonstrates a high level of understanding of Business Practices and Processes with focus on the compliance and ethics"
Oracle is spending millions of USD in very expensive external lawyers to negotiate with the SEC and to continue the internal cover up.
So it's been two years and nothing has happened. From what many have been posting here the hammer's fall was imminent, any day now. So, what's taking so long?
Depeche Mode - Enjoy the Silence
"Words like violence
Break the silence
Come crashing in
Into my little world
Painful to me
Pierce right through me
Can't you understand?"
Well very interesting activities fro SEC investigating Oracle in several cases. Oracle demand confidentiality ....
Should look at all the client audits and the cloud deals that followed after them - that’s proof of oracle “converting” on-perm revenues to cloud revenues right there. Customers never wanted or used the cloud - it was how oracle manufactured cloud revenues to make it seem like it had a growing cloud business
So it took almost 6 months to realize what we have been complaining.
We see now huge increase in legal expenses.
Can’t wait to see how the SEC reacts to the private law suit
I assumed this post is new: @OurfSwz-3Ppcv
His wealth is tied up in oracle stock, his bank balance goes as oracle does, so down
So Larry is 73 years old !!
Oracle is spending during this last months millions of $$$ on legal/external firms/compliance programs etc,
this thread is 8 months old.
nuthen is happening.
how long do you want to milk it?
Interesting. It's about time for an investigation.
Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Oracle Corporation (“Oracle”) (NYSE: ORCL) and several officers and directors for acts taken during the period of September 16, 2015 and June 1, 2016 (the “Class Period”).
According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants issued materially false and misleading statements and/or failed to disclose that: (i) Oracle used improper accounting practices to inflate its cloud computing revenues by millions of dollars; (ii) in violation of the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection 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.
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Oracle. If you are an affected Oracle shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at shareholders@thebriscoelawfirm.com, Patrick Powers at Powers Taylor LLP via email at shareholder@powerstaylor.com, or call toll free at (877) 728-9607. There is no cost or fee to you.
From the fear of the SEC investigation they were unable to manipulate too much the fake cloud misrepresentation.
Corruption in EMEA continues
It all depends on what they blame the cloud-washing on. They may be able to do it so that the share holders will think.... "Let's just hang on, they are bound to fix their problems and then we will profit".
Depends how they spin it. They are good at that. I personally hope they get caught and suffer some kind of consequence. But I am doubtful. Although, all companies eventually have their downfall, we could be looking at the beginning of the end of Oracle.
"Like others have said the SEC investigation will likely end with a slap on the wrist
If there even is an investigation.
It will send the oracle stock way down because it will acknowledge that oracle’s cloud revenues are fake and it cannot compete with real cloud companies
Like others have said the SEC investigation will likely end with a slap on the wrist (if that). But the stigma will cast doubt on any future claims about extraordinary growth in cloud revenue.
LE knows that. So long as they are making money, they will do whatever they want. They know how the system works and know what the likely consequences are. It's just a game of shuffling numbers around. Even if SEC fines Oracle, it won't make a dent in the customer base. LE knows that. Customers already hate Oracle and they still buy crap from them.
Customers need to wake up and start abandoning Oracle, otherwise, nothing will change.
"They didn't do much to Theranos, just fined the CEO."
That's right. Holmes was fined a paltry $500,000 for bilking investors out of over $500M, after having her company shut down by the FDA. She won't even do any jail time.
Internal sources confirm that Oracle already put aside several millions of cash to cover investors and some employees law suits.
Budget was allocated for executives legal defense.
They didn't do much to Theranos, just fined the CEO. I'm sure they make more money than they are ever fined in the end. Things need to be changed so that people go to jail for fraud like this.
"SEC just nailed Theranos and its founder, now can free up resource to go after oracle and LE."
Whoa, whoa! You said in earlier posts that Oracle was being actively investigated. Now you're saying that wasn't happening and that now you're HOPING it will investigate Oracle?
SEC just nailed Theranos and its founder, now can free up resource to go after oracle and LE. Loaded for bear!
@OurfSwz-3Bdaa are you a "fake Bot" contracted by Oracle to post in all the latest posts the same misrepresentation of the cloud growth ?
Q3 will show significant growth in the cloud business (with different % amongst the 3 flavours, but overall very positive) and this will consolidate the business and the stocks.
Lets see if hidden in the Q reporting we will notice "Oracle contacted the SEC to alert them to the relevant events and the . . . internal investigation."
News alert - Oracle Legal is preparing several excuses and cover up plans
I like the idea of them setting something up for the investigators to "find".... that little bit of rust on the car trick... once you've found it, then the search is over.
Sadly it reminds me of DJT and the giving over of classified information to the Russians in the Oval Office. It's like once we know about that one, we think there must be nothing else, or we would hear about it, too.
Probably copying and selling every secret the U.S. has to the Russians. Money piling up in some back account somewhere, while we all think nothing is happening, cause we knew about the ONE time in the oval office!
I so can see these idiots thinking, oh, let’s tell the investors that we found some cloud deal that wasn’t really a cloud deal and assure them that all the other cloud deals are just fine. Sort of like saying, I found a little bit of rust on my car right here but trust me there is no rust anywhere else on the car. Stupid is as stupid does.
Oh, the tangled web we weave when we practice to deceive. LE, MH, SC and DD go straight to jail without stopping on the way.
It’s it remarkable that these morons actually think they can hide things. Talk to a certain former POTUS by the initials WJC and ask him how many secrets there are in the world. How long do these morons think the things they don’t disclose will remain secret? Like 5 seconds!
The board of directors and DD the executive vice president, general counsel, and secretary of Oracle Corporation are in intensive discussions on what to hide and what to disclose.
External top SEC and FCPA law firms been hired to consult.
Elementary, dear Watson, elementary
So you're saying that on March 15 (or whenever the quarterly results are next reported) that Oracle is going to disclosed that it's under SEC investigation for "cloud washing"? And you know this, how?
Oracle is under SEC investigation for Cliud washing revenues, restatement of financial statements to follow.
"Surprising announcements will soon be part of Oracles Annual Report (10K) Quarterly Report"
Well don't tease us, just what are these "surprising announcements" going to be?