NEW YORK — Scott+Scott this week filed a securities class action against Oracle Corporation, the tech giant’s top executives as well as major U.S. banks, including BOFA Securities, Inc., Citigroup Global Markets, Inc., Goldman Sachs & Co., LLC, and others.
According to the complaint filed in the Supreme Court of the State of New York, the defendants failed to disclose to investors billions of dollars in additional debt related to the buildup of AI infrastructure and data centers.
Defendants omitted the heightened credit risk factors and subsequent increased bond yields causing significant financial losses and damages to the plaintiffs.
“As stated in our complaint, Oracle had to raise billions of dollars of additional debt for the buildup of AI infrastructure, and the subsequent financial risks were never disclosed to our clients. This is a timely case, and we look forward to pursuing this lawsuit on behalf of investors who suffered significant financial losses and damages,” said Scott+Scott Managing Partner David R. Scott.
The case is Ohio Carpenters’ Pension Plan v. Oracle Corporation et al., Index No. 150612/2026, (Supreme Court of the State of New York).