The remarkable lawsuit pitting Oracle against its own board members now suggests Larry Ellison should give back $1.6 billion for the 2016 NetSuite acquisition
Summary
An updated, amended version of the suit was filed in Delawares court of Chancery earlier this week, with fresh details about the origins of the deal and the boardroom drama it caused. Even the judge, Vice Chancellor Glass cock has appeared flummoxed by the situation, writing poetically in December, "In the cryptozoological division of equitys menagerie are a number of rare aves and chimeras ... One unusual denizen is on display here." The lawsuit alleges that the price was quietly arranged by board members loyal to Ellison with an eye to preserving his investment at a time when NetSuits fortunes seemed to be fading. And yet, despite the zeal for crushing NetSuite, a later internal email reveals an Oracle executive making the case that the acquisition posed no harm to competition because of the shared Larry Ellison connection. The shareholder is suing loosely for "billions" and is also targeting the other Oracle board members involved in the deal as well as NetSuites CEO Zach Nelson and founder Evan Goldberg.
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