Deals
Oracle Must Face Suit Over Buyout of Ellison’s Pillar
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Oracle Corp.’s directors must face investor claims that they wrongfully agreed to buy Pillar Data Systems Inc., a company controlled by Oracle Chief Executive Officer Larry Ellison, a judge concluded.
The Oracle shareholders have raised legitimate questions about the company’s 2011 purchase of Pillar, a closely held provider of data-storage systems, and can proceed with their lawsuit against the board, Delaware Chancery Judge Leo Strine in Wilmington ruled today. Ellison, Redwood City, California-based Oracle’s founder, owns a 55 percent stake in Pillar.