Oracle Investors Sue Larry Ellison Over Pillar Purchase

Law360, New York (September 30, 2011, 5:39 PM EDT) -- Oracle Corp. CEO Larry Ellison was hit Friday with a shareholder derivative lawsuit in Delaware over the software company's proposed purchase of Pillar Data Systems Inc., which is majority-owned by Ellison.

The City of Roseville Employees' Retirement System claims Ellison and Oracle's board breached its fiduciary duties to shareholders and the company by agreeing to buy Pillar. The complaint, filed under seal in Delaware Chancery Court, also names as defendants Oracle President Mark Hurd and Chairman Jeff Henley.

Oracle announced the agreement to buy San Jose,...
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