Securities Claim In Oracle Diversity Suit Dismissed For Lack Of Demand Futility

Mealey's (May 26, 2021, 11:51 AM EDT) -- SAN FRANCISCO — Investors have failed to sufficiently plead demand futility in a shareholder derivative lawsuit alleging that several executive officers and members of computer infrastructure products and solutions provider Oracle Corp. violated federal securities by failing to hire and promote any African-Americans to the company’s board of directors even though the defendants publicly stated in a 2019 proxy statement that the company would actively seek to do so, a federal magistrate judge in California ruled May 24 in granting the defendants’ motion to dismiss....