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ORCL

Oracle

$38.10

0.085 (0.22%)

15:29
10/12/16
10/12
15:29
10/12/16
15:29

Court orders Rimini Street to stop unlawful contact, awards Oracle $27.7M

Yesterday, the United States District Court for the District of Nevada issued two significant rulings in Oracle's litigation against Rimini Street and its CEO Seth Ravin. The first ruling is a permanent injunction barring Rimini Street from continuing to infringe Oracle's copyrights and other unlawful acts. The Court previously determined that a permanent injunction was warranted, noting Rimini Street's "callous disregard for Oracle's copyrights and computer systems when it engaged in the infringing conduct" and that "Rimini's business model was built entirely on its infringement of Oracle's copyrighted software and its improper access and downloading of data from Oracle's website and computer systems." The Court's four-page permanent injunction prohibits certain copying, distribution, and use of Oracle's copyrighted software and documentation by Rimini Street and also imposes limitations on Rimini Street's access to Oracle's websites. The order states, for example, that Rimini Street may not use a customer's software environment "to develop or test software updates or modifications for the benefit of any other licensee." The order also prohibits Rimini Street's preparation of certain derivative works from Oracle's copyrighted software. The order applies not only to Rimini Street, but also "its subsidiaries, affiliates, employees, directors, officers, principals, and agents." "This permanent injunction imposes important restrictions on Rimini Street," said Oracle's General Counsel Dorian Daley, "and Oracle is grateful that the Court has taken steps to prevent continuing unlawful acts by Rimini Street and its executives." Although Rimini Street has stated that there was "no expected impact" from any injunction, Rimini Street also told the Court that it "could suffer significant harm to its current business practices if the proposed injunction were entered," which it now has been. These contradictory positions raise the issue of whether Rimini is misleading the Court or making misrepresentations to customers. In its second ruling, the Court awarded Oracle approximately $27.7M in prejudgment interest, with an additional amount of prejudgment interest to be awarded based on the date of the final judgment. This is in addition to the $50M jury verdict and the $46.2M in attorneys' fees and costs awarded to Oracle last month.

ORCL Oracle
$38.10

0.085 (0.22%)

09/16/16
RHCO
09/16/16
NO CHANGE
RHCO
Oracle reported 'strong cloud results,' says SunTrust
SunTrust analyst John Rizzuto says that Oracle reported "strong cloud results." The analyst thinks that the company's cloud business is gaining "market and mind share." He predicts that the company's combined cloud and on-premises software revenue will rise 5% in fiscal 2017, up from a 2% decline in fiscal 2016. He keeps a $48 price target and Buy rating on the stock.
09/16/16
ADAM
09/16/16
NO CHANGE
Target $45
ADAM
Buy
Oracle shares cheap, cloud results positive, says Canaccord
Canaccord analyst Richard Davis said Oracle reported solid organic growth for its cloud business, including software licenses and cloud SaaS and PaaS. The analyst believes continued cloud success will weigh on margins and the decline in Hardware revenues will weigh on the overall businesses. However, Davis said Oracle shares remain sufficiently inexpensive to maintain as a Buy with a $45 price target.
09/16/16
BERN
09/16/16
NO CHANGE
BERN
Oracle miss due to 'transitory issues,' says Bernstein
After Oracle reported weaker than expected Q1 results, Bernstein analyst Mark Moerdler blames the miss on "transitory" factors, including foreign exchange headwinds and increased borrowing costs, as well as weakness in businesses on which the company is "less concerned with." The analyst says that the company's cloud business exceeded expectations, and he notes that its overall software revenue increased last quarter. He keeps an Outperform rating on the shares.
09/23/16
STFL
09/23/16
NO CHANGE
STFL
Oracle removed from Select List at Stifel
After attending Oracle's Analyst Day, Stifel analyst Brad Reback says that the company's infrastructure as a service portfolio "is still quite nascent." The analyst thinks that the company will have to significantly raise its overall capex in order to catch up with the leaders in the space. The analyst trimmed his price target on the stock to $45 from $48 and removed the stock from his Select List. However, he keeps a Buy rating on the shares.

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KBH

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KBH

KB Home

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BEP

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UTX

United Technologies

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SPTN

SpartanNash

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FARO

FARO Technologies

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MNR

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FDP

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AAL

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  • 07

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  • 25

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GMRE

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RYI

Ryerson

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RYI

Ryerson

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16:38
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General news
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