Defendant Name: Oracle Corporation

Defendant Type: Public Company
SIC Code: 7370
CUSIP: 68389X10

Initial Case Details

Legal Case Name SEC v. Oracle Corp.
First Document Date 16-Aug-2012
Initial Filing Format Civil Proceeding
Case Number 12-cv-04310
Allegation Type Foreign Corrupt Practices Act
Federal District Court California, Northern District of California

Violations Alleged

Exchange Act
Sec 13(b)(2)(A)
Sec 13(b)(2)(B)


First Resolution Date 16-Aug-2012
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

LR-22450 16-Aug-2012 Litigation Release
SEC Charges Oracle Corporation With FCPA Violations Related to Secret Side Funds in India
On August 16, 2012, the SEC announced that Oracle Corporation agreed to a $2 million penalty in settlement of the SEC's enforcement action.
comp-pr2012-158 16-Aug-2012 Complaint
On August 16, 2012, the SEC filed a complaint against Oracle Corporation. According to the SEC: "This matter involves violations of the books and records and internal controls provisions of the Foreign Corrupt Practices Act ('FCPA') by Oracle Corporation.... From 2005 to 2007, certain employees of Oracle's Indian subsidiary Oracle India Private Limited ('Oracle India') secretly 'parked' a portion of the proceeds from certain sales to the Indian government and put the money to unauthorized use, creating the potential for bribery or embezzlement. These Oracle India employees structured more than a dozen transactions so that a total of around $2.2 million was held by the Company's distributors and kept off Oracle India's corporate books. The Oracle India employees would then direct its distributor to disburse payments out of the unauthorized side funds to purported local 'vendors.' Several of the 'vendors' were merely storefronts that did not provide any services."
2012-158 16-Aug-2012 Press Release--Civil Action
SEC Charges Oracle Corporation With FCPA Violations Related to Secret Side Funds in India
On August 16, 2012, the SEC announced that it charged Oracle Corporation ("Oracle") with violating the Foreign Corrupt Practices Act ("FCPA") by failing to prevent a subsidiary from secretly setting aside money off the company's books that was eventually used to make unauthorized payments to phony vendors in India. According to the SEC's complaint filed in U.S. District Court for the Northern District of California, the misconduct at Oracle's India subsidiary--Oracle India Private Limited ("Oracle India")--occurred from 2005 to 2007. Oracle India sold software licenses and services to India's government through local distributors, and then had the distributors "park" excess funds from the sales outside Oracle India's books and records. Without admitting or denying the SEC's allegations, Oracle consented to the entry of a final judgment ordering the company to pay a $2 million penalty and permanently enjoining it from future FCPA violations. The settlement takes into account Oracle's voluntary disclosure of the conduct in India and its cooperation with the SEC's investigation, as well as remedial measures taken by the company, including firing the employees involved in the misconduct and making significant enhancements to its FCPA compliance program.
court_doc9_12-cv-04310 16-Aug-2012 Court Docket Document
Final Judgment as to Oracle Corporation
On August 27, 2012, Federal District Judge Charles R. Breyer entered final judgment against Oracle Corporation pursuant to the consent of Oracle Corporation.