Oracle, Ellison Dodge Investor Suit Over Board Diversity
By Dean Seal (May 24, 2021, 9:06 PM EDT) -- A California federal magistrate judge ruled that a shareholder derivative action against Oracle Corp. failed to show that board members and billionaire co-founder Larry Ellison misled the public about Oracle's diversity commitments.
U.S. Magistrate Judge Jacqueline Scott Corley dismissed claims for securities law violations and breach of fiduciary duty against the software giant on Friday, finding that Oracle's bylaws require derivative actions to play out in the Delaware Chancery Court.
According to the judge, the complaint is also "devoid of particular facts that suggest the board did not believe what it stated" about its commitment to establishing a diverse workforce, its thoughts...
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