Investors Sue Ellison, Oracle Board Over $9.3B NetSuite Deal
Law360, Wilmington (May 9, 2017, 7:38 PM EDT) -- Shareholders of Oracle Corp. hit the tech giant with a suit in Delaware Chancery Court on Monday, accusing founder Larry Ellison of intentionally overpaying in Oracle’s $9.3 billion acquisition of Netsuite — another Ellison company — allegedly netting himself and his family $4.1 billion in the process.
The Southeastern Pennsylvania Transportation Authority says that even though the deal was vetted by a special committee of Oracle’s directors, each of them is too beholden to Ellison for personal and financial reasons to function as anything other than a rubber stamp.
“Ellison stood on both sides of the transaction,” SEPTA said in its...
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