how is that not securities fraud?
they are under legal obligation to tell investors about this sort of shit.
they are under legal obligation to tell investors about this sort of shit.
Now will the SEC enforce against oracle? In this environment I highly doubt anyone at the SEC would have the appetite but I could be wrong.
So will any investors with standing choose to bring a civil action? Could well do it. There are for sure investors (eg Elliot) who in general would fight anyone at all if they thought they had a case. I don't know if there's anyone like that who had a position in Oracle specifically, but it wouldn't suprise me.
"Welcome to the (most recent) era of deregulation. Get ready for all Fortune 500s to deny, deny, deny, and bribe."
To be fair, they're trending down at the moment, so maybe there was something there. But truly only time will tell.
That being said if they put something in some communication that said "we take security seriously" or something that would probably be grounds to sue as this obviously shows they aren't serious or something. The barriers to shareholder lawsuits for securities fraud are pretty low.
"An Item 1.05 Form 8-K will generally be due four business days after a registrant determines that a cybersecurity incident is material. The disclosure may be delayed if the United States Attorney General determines that immediate disclosure would pose a substantial risk to national security or public safety and notifies the Commission of such determination in writing." (from https://www.sec.gov/newsroom/press-releases/2023-139)