Appeals court revives Oracle shareholder case
InfoWorld | at | by Mike
An appeals court on Wednesday ruled that a three-year-old shareholder lawsuit charging Oracle and several of its top executives with misleading investors about Oracle's performance may proceed, overturning a lower court's dismissal.
Led by investor Local 144 of the Nursing Home Pension Fund, the March 2001 complaint charges Oracle executives with covering up a sales slump caused by an economic slowdown and alleges defects with its 11i E-Business Suite of applications. After a series of dismissals and refilings of amended complaints, a San Francisco federal court dismissed the complaint in March 2003, deciding that the plaintiffs' allegations did not show "a strong inference" that Oracle's executives intentionally made statements they knew to be false.