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Oracle accused of misrepresenting its cloud revenue growth in lawsuit

August 14, 2018

Via: iCLOUD.pe
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Oracle is facing a legal threat after a lawsuit has alleged the company used ‘threats and extortive tactics’ when selling its cloud products.

The City of Sunrise Firefighters’ Pension Fund is suing Oracle for allegedly misleading shareholders and ‘misrepresenting the true drivers of [its] cloud revenue growth.’

“Defendants falsely attributed the company’s revenue growth in its cloud segment to a variety of factors and initiatives, including, among other things, Oracle’s “unprecedented level of automation and cost savings”, as well as the company being “customer-focused” and “intimate partners with our customer””, the document stated. “In truth, Oracle drove sales of cloud products using threats and extortive tactics.”

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