IN RE ORACLE CORP. SECURITIES LITIGATION

No. 09-16502.

627 F.3d 376 (2010)

In re ORACLE CORPORATION SECURITIES LITIGATION, Nursing Home Pension Fund, Local 144; Drifton Finance Corporation; Robert D. Sawyer; Ryan Kuehmichel; Dzung Chu, Plaintiffs-Appellants, v. Oracle Corporation; Lawrence J. Ellison; Jeffrey O. Henley; Edward J. Sanderson, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Filed November 16, 2010.


Attorney(s) appearing for the Case

Sanford Svetcov, Esq. , Robbins Geller Rudman & Dowd, LLP (argued); Shawn A. Williams, Esq. , Susan K. Alexander, Esq. , Robbins Geller Rudman & Dowd, LLP, for plaintiffs-appellants Nursing Home Pension Fund, et al.

Kathleen M. Sullivan, Esq. , Quinn Emanuel Urquhart & Sullivan, LLP (argued); Patrick E. Gibbs, Esq. , Peter A. Wald, Esq. , Latham & Watkins, LLP; for defendants-appellees Oracle Corp., Lawrence Ellison, Jeffrey Henley, and Edward Sanderson.

Before: FERDINAND F. FERNANDEZ and RICHARD C. TALLMAN, Circuit Judges, and THOMAS F. HOGAN, Senior United States District Judge.


OPINION

TALLMAN, Circuit Judge:

Oracle Corporation is the second-largest producer of software in the world. In the third quarter of its 2001 fiscal year, Oracle missed its forecasted earnings per share by two cents. Its stock price dropped. A legion of analysts blamed the miss on a late-quarter reaction by several key customers to the unfolding U.S. economic downturn that would become commonly known as the burst...

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