Oracle, Ellison Accused of Misleading Investors on Cloud Revenue

Oracle Corp. and its top executives were sued by an investor who blames his stock losses on allegations by a former finance executive that the cloud computing giant doctored its quarterly results.
Shares fell the most in almost three years Thursday to as low as $38.08, the day after the ex-employee filed her lawsuit alleging she was terminated after complaining to supervisors about accounting irregularities. In a federal securities complaint in San Francisco, an investor said the stock decline was a response to the company’s misleading statements about its cloud-computing revenue. Shareholder Grover Klarfeld is seeking class-action status on behalf of other investors who bought stock during the 10-month period ending June 1. Oracle Chairman Larry Ellison is quoted in Klarfeld’s complaint touting Oracle in March as the top company in the world by new cloud-computing revenue.

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