Have you heard about the Oracle Class Action Settlement but not sure what it’s about? Don’t worry, we’ve got you covered. This article will break it all down for you – in a fun and simple way. No legal mumbo-jumbo here!
TL;DR:
Oracle agreed to a $17.5 million class action settlement over claims it tricked investors about its cloud services. If you bought Oracle stock between March 15, 2017 and June 19, 2018, you might be eligible for money. You can file a claim online. Deadlines apply, so don’t wait too long!
What Happened?
Oracle is a big tech company. They’re known for databases and cloud services. But a few years ago, investors claimed Oracle wasn’t being honest.
The lawsuit says Oracle tricked investors by saying their cloud business was growing fast. Turned out, the growth came from strong sales tactics — not happy customers. Investors felt misled.
When this came to light in 2018, Oracle’s stock price dropped. That made investors lose money. So, a class action lawsuit was filed.
What Is a Class Action Lawsuit?
Think of it as a team complaint. Instead of one person suing a company, it’s a group. In this case, the group is all the investors who bought Oracle stock at a certain time.
These lawsuits help regular people fight big companies if they think something shady happened. If they win or settle, everyone in the group might get some money.
About the Settlement
Oracle didn’t admit they did anything wrong. But they agreed to pay $17.5 million to settle the case.
That money is going to the investors who were affected. It’s a way of making things right — at least a little.
Who Can Get Money?
To get a piece of the settlement, you need to meet some conditions. Here’s a simple list:
- You bought Oracle common stock
- Between March 15, 2017 and June 19, 2018
- You sold the stock at a loss
If that’s you, then you’re part of the class! You may be owed some cash. Nice, right?
How Much Will I Get?
This part is tricky – because it depends on how many people file claims.
The $17.5 million will be split up. If more people file, the slices of the pie are smaller. If fewer people file, each person gets more.
Also, how much you get depends on:
- When you bought and sold Oracle stock
- How much money you lost
There’s no guarantee how much you’ll get, but hey – free money is free money!
Important Deadlines
Mark your calendar — don’t miss out!
- Claim Deadline: June 10, 2024
- Opt-Out Deadline: April 22, 2024
- Final Hearing: June 28, 2024
If you don’t act, you might miss your chance.
How to File a Claim
Filing is pretty easy. Here’s what to do:
- Go to the official settlement website
- Look for the “Submit a Claim” button
- Fill out your details and stock purchase info
- Submit online or mail the form in
You might need documents to show when you bought and sold the stock. So, gather up those trade confirmations or statements.
What If I Do Nothing?
If you don’t file a claim, you won’t get any money. Simple as that.
But you’ll still be part of the class. That means you can’t sue Oracle later on your own over the same issue.
So don’t leave free money on the table. File!
What If I Want Out?
Some people might want to be excluded from the settlement. That’s called “opting out”.
Maybe you want to sue Oracle by yourself later? Or you just don’t want to be involved.
To opt out, you must write a letter and send it by mail by April 22, 2024. Instructions are on the official site.
Can I Object?
Yes! If you think the settlement is unfair, you can tell the court.
Write a letter explaining why you object. Mail it before April 22, 2024. You can also show up at the court hearing on June 28, 2024.
You’re allowed to speak — or just watch.
Who’s Behind the Lawsuit?
The lawsuit was led by a couple of big investors. They acted on behalf of everyone else who bought Oracle stock during the period.
The lawyers who took the case are asking for fees from the settlement. Usually, it’s a percentage of the money — in this case, they’re asking for about 25%.
That would leave around $13 million to be shared by the class.
What’s Next?
The court will decide whether to approve the settlement at the June 28 hearing.
If approved, payments will be sent out — usually by check or direct deposit. But it can take several months, so be patient.
Remember!
- This is real
- If you’re eligible, file a claim
- Deadlines are strict
- Don’t miss your shot
Extra Tips
Here are a few final pro tips to help you out:
- Check your email and spam folder after filing – they might send updates
- Make copies of anything you submit
- Visit the official website only – don’t fall for scams!
Final Thoughts
This Oracle class action might not make you rich, but if you lost money back in 2017-2018, it’s worth a look.
Hey, even a small refund is better than none, right? So take a few minutes, check if you qualify, and file that claim.
Good luck, Oracle investors! And happy refunds!