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Oracle accused of defrauding investors, fabricating on cloud sales growth

Bloomberg/ 11 Aug 18 | 11:05 PM

Oracle headquarters in Redwood Shores, California Photo courtesy: Wikipedia

Oracle is named in a lawsuit alleging the company's executives lied to shareholders when they explained why cloud sales were growing. 

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The investor leading the case, the City of Sunrise Firefighters' Pension Fund, claimed Oracle engaged in coercion and threats to sell its cloud-computing products, creating an unsustainable model that fell apart, according to the suit filed Friday in San Jose, California. "The suit has no merit and Oracle will vigorously defend against these claims," said Deborah Hellinger, a spokeswoman for Oracle.

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