Oracle Corp. and top executives deceptively placated investor concerns about its increased spending and when the database giant would see returns on building data centers designed for artificial intelligence infrastructure, a proposed class action said.
The company and top executives, including its billionaire cofounder Larry Ellison, falsely assuaged investors about accelerated revenue growth off significant expenditures on these centers, including those designed to serve ChatGPT operator OpenAI, said the complaint docketed Wednesday.
Its stock price suffered on multiple days as analysts and news outlets probed when or whether predicted growth off AI deals would materialize, the investor told the ...
