Oracle bought San Jose, California-based totally Pillar in
June 2011 in a deal that investors stated changed into engineered entirely to
benefit Ellison. Ellison owned fifty five percent of Pillar, a carefully held
issuer of information-storage structures.
The sixty eight-yr-old Oracle CEO’s $544 million investment
in the start-up turned into converted into desired Pillar stocks. those stocks
had been canceled after Oracle obtained the employer, in alternate for rights
to acquire a part of the future overall performance-based totally charge,
traders contend in court papers.
Pension price range in Michigan and Pennsylvania that own
Oracle shares say the software program maker’s administrators improperly used
employer sources to “bail out” Ellison from his “horrible funding” in Pillar.
They accused Oracle administrators of violating criminal obligations to
shareholders via backing the buyout.
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