Oracle Accused of Defrauding Investors on Cloud Sales Growth
Florida-based City of Sunrise Firefighters' Pension Fund is leading a lawsuit against Oracle, alleging the company lied to shareholders about drivers behind earlier cloud sales growth
• The suit, filed last Friday, is seeking class-action status, Bloomberg reported
• An Oracle spokeswoman said the suite has no merit and that the company will vigorously defend against the claims
• After a few years of focus on enterprise cloud services, Oracle's effort is still nascent, and the company trails market-share leaders in key segments