Bloomberg Law
May 24, 2021, 7:53 PM

Oracle Wins Dismissal of Shareholders’ Board Diversity Suit

Lydia Beyoud
Lydia Beyoud
Fintech & Regtech Reporter

Oracle Corp. won dismissal of an investor lawsuit alleging the software company breached its fiduciary duty by failing to have meaningful diversity on its board and workforce.

The plaintiffs made “broad brush allegations” and didn’t plead specific facts to support claims that the company’s communications on diversity were false or misleading, Judge Jacqueline Scott Corley of the U.S. District Court for the Northern District of California said in an order Monday.

In addition, Oracle’s bylaws designate the Delaware Chancery Court as the only forum for shareholder complaints, the judge said.

The California federal court has dismissed similar diversity suits ...

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