Oracle Investor Suit Over Purchase Of CEO's Co. Survives

Law360, Wilmington (August 22, 2012, 5:58 PM EDT) -- A Delaware judge on Wednesday refused to dismiss a derivative lawsuit brought by Oracle Corp. shareholders over the software giant's 2011 acquisition of Pillar Data Systems Inc., which had been majority-owned by Oracle CEO Larry Ellison.

At a hearing in Delaware Chancery Court, Chancellor Leo Strine found that the shareholders had brought plausible breach of fiduciary duty claims against Oracle’s directors for approving the deal.

In September, the City of Roseville Employees' Retirement System sued Oracle’s board over the transaction — in which Oracle paid nothing...
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