Larry Ellison cleared of forcing Oracle to overpay for NetSuite
He got lucky...this time.
Oracle may have overpaid for software company NetSuite, but it wasn't founder Larry Ellison's fault, a Delaware court has decided after a nearly six-year legal fight brought by upset shareholders. Instead of pressuring leaders at Oracle – which Ellison founded, today works at as CTO, and owns slightly more than a quarter of …
He got off lightly because he was the only one not sniggering at the somewhat unfortunate surname of the judge..
Joking aside, he's also Not Stupid™ - he's smart enough to at least listen to his lawyers. Not that I like the guy, but it appears he doesn't let his own ego go to his head where it counts so I have to give him that.
“Instead of pressuring leaders at Oracle – which Ellison founded, today works at as CTO, and owns slightly more than a quarter of voting shares in – Delaware's Vice Chancellor Samuel Glasscock III said that Ellison did everything by the book in recusing himself from the acquisition of NetSuite, which he provided seed money for and owns a 40 percent stake in.”
Translated: Founder of Oracle Larry Ellison had been accused of pressuring Oracle leaders to purchase software company NetSuite at a higher than market price. Delaware's Vice Chancellor Samuel Glasscock III said that Ellison did not pressure leaders at Oracle and recused himself from the acquisition of NetSuite. Ellison originally provided seed money for Oracle and owns a forty percent stake in the company.