Scott,
I addition, the "laywers" are really theifs. Here is a news item somewhat related. Does anyone have any idea how many of these are occuring at present? They are everywhere which must mean management everywhere are theifs and incompetant.
Oracle Served With Securities Lawsuit
PR Newswire - December 29, 1997 08:03
ORCL %CPR %MLM V%PRN P%PRN
REDWOOD SHORES, Calif., Dec. 29 /PRNewswire/ -- Oracle Corp.
(Nasdaq: ORCL) today announced that it has been served with a securities class
action lawsuit, filed against it and its chief operating officer and chief
financial officer on December 18, 1997 in San Mateo County Superior Court.
The allegations arise out of the company's recent earnings announcement for
its quarter ended November 30, 1997. Although the company reported 23 percent
revenue growth and the company's earnings grew over the same period last year,
earnings fell short of market expectations by 17% ($.19 per share vs. $.23 per
share). The complaint alleges that certain officers sold stock over the
several months prior to the earnings announcement while allegedly knowing that
earnings results would fail to meet expectations.
"This lawsuit is wholly without merit and we intend to vigorously oppose
it," said Daniel Cooperman, senior vice president, general counsel and
secretary at Oracle. "Plaintiffs have based their complaint solely on an
unforeseen drop in revenue growth and routine trading by Oracle officers
during the past several months. There is no evidence of any wrongdoing by
Oracle or any of its senior executives, and Oracle intends to seek an early
dismissal of the case."
Oracle Corporation is the world's leading supplier of software for
information management, and the world's second largest software company. With
annual revenues of over $6 billion, the company offers its database, tools and
application products, along with related consulting, education and support
services, in more than 140 countries around the world.
For more information about Oracle, contact Oracle's headquarters at
650-506-7000. Oracle's World Wide Web address is (URL)
oracle.com.
Trademarks
Oracle is a registered trademark of Oracle Corporation. All other products
or company names mentioned are used for identification purposes only, and may
be trademarks of their respective owners.
SOURCE Oracle Corp.
/CONTACT: Joel Dibble of Oracle Corp., 650-506-5319, or
jdibble@us.oracle.com/
/Web site: oracle.com
(ORCL)
Glenn |
