Cloud Computing: Oracle Falls on Lawsuit Alleging Accounting Irregularities
June 3, 2016
Grazed from Zacks. Author: Editorial Staff.
Shares of Oracle Corporation fell 3.97% in yesterday’s trading session, after the company was named in a lawsuit by a former employee. On Wednesday, Oracle’s former senior Finance Manager, Svetlana Blackburn filed a lawsuit against the company. Blackburn alleged that the company had terminated her service when she resisted some manipulative accounting practices in Oracle’s cloud-computing business.
Oracle in its defense stated that “We are confident that all our cloud accounting is proper and correct. This former employee worked at Oracle for less than a year and did not work in the accounting group. She was terminated for poor performance.” However, Blackburn, a certified financial analyst, claimed that she had received a positive performance review just a couple of months before she was fired in Oct 2015…
If this was not enough, yesterday evening the company had another lawsuit filed against it, this time by an Oracle investor. Grover M. Klarfeld has alleged Oracle of “improper accounting practices to inflate the company’s cloud-computing revenues by millions of dollars” as per a Wall Street Journal report…
Read more from the source @ https://www.zacks.com/stock/news/219311/oracle-falls-on-lawsuit-alleging-accounting-irregularities