Robbins Geller Appointed as Co-Lead Counsel in Oracle/NetSuite $9 Billion Shareholder Suit
On Friday, August 25, 2017, Vice Chancellor J. Travis Laster selected Robbins Geller as co-lead counsel in the shareholder suit regarding Oracle’s 2016 $9.3 billion NetSuite acquisition, noting, “If I’m in a hiring situation and I have to make a choice, given where . . . Robbins Geller is right now, in terms of their recent results, recent track record, I would hire these guys.” In appointing the firm as co-lead counsel, Vice Chancellor Laster added that Robbins Geller is “at the top of their game.”
Prior to Vice Chancellor Laster’s decision, Robbins Geller filed shareholder derivative complaints to recover damages on behalf of NetSuite Inc. shareholders from Oracle Corp.’s founder and executive chairman, Lawrence J. Ellison, as well as Oracle directors and other parties. The case focuses on their actions in directing Oracle to acquire NetSuite in November 2016, which was more than 40% owned by Ellison and his family.
At the time of the acquisition, Ellison owned or controlled an estimated 28% of Oracle’s outstanding stock and 47% of NetSuite’s outstanding stock. Oracle paid $109 per share for NetSuite, a roughly 60% premium over the $67.36 that NetSuite's shares were trading at on June 27, 2016, the last day before rumors about the acquisition started circulating.
In re Oracle Corp. Derivative Litigation, No. 2017-0337 (Del. Ch.).