Credit: Shutterstock photoOracle CorporationORCL recently won a permanent injunction motion against Rimini Street in the ongoing copyright infringement lawsuit. The United States District Court for the District of Nevada also awarded almost $27.7 million in prejudgment interest.
The interest amount is in addition to almost $100 million of punitive charges the court has already ordered Rimini and its CEO Seth Ravin to pay up.
The favorable ruling is quite a breather after Oracle's recent litigation setbacks against Alphabet Inc. GOOGL and Hewlett-Packard Enterprise HPE .
In May, a 10-member jury found no copyright violations of Oracle's Java APIs by Google - now Alphabet - while developing its Android operating system.
Oracle recently appealed the May verdict and stated that "Google's financial rewards are as 'conspicuous' as they come, and unprecedented in the case law." Oracle claims that Google has gained over $42 billion from Android powered by its Java APIs and therefore demanded a share of its profit.
ORACLE CORP Price and Consensus
ORACLE CORP Price and Consensus | ORACLE CORP Quote
In July, Oracle lost the high profile Itanium software lawsuit against HP Enterprise. The state court of California directed Oracle to cough up $3 billion in damages. HP Enterprise was formed after its parent company Hewlett Packard split into two separate entities - HP Inc. and HP Enterprise - in Nov 2015.
Final Extension of Tender Offer for NetSuite
Meanwhile, Oracle recently extended the expiration date of its tender offer for NetSuite acquisition to Nov 4. The company stated that this is the final extension and "In the event that a majority of NetSuite's unaffiliated shareholders do not tender sufficient shares to reach the minimum tender condition, Oracle will respect the will of NetSuite's unaffiliated shareholders and terminate its proposed acquisition."
In late July, Oracle offered to buy Netsuite for $109 a share, which equates to approximately $9.3 billion. The company anticipates the acquisition to be "immediately accretive" to earnings on a non-GAAP basis in the year after the deal closes. Late last month, the U.S. Department of Justice (DOJ) approved the deal.
The transaction will now enable Oracle to penetrate the small and medium-sized business market segment, where it does not have a strong presence. Moreover, the acquisition will expand Oracle's cloud portfolio that will help it to challenge the dominance of Amazon AMZN and Microsoft.
Zacks Rank & Key Picks
Currently, Oracle has a Zacks Rank #5 (Strong Sell). Amazon with Zacks Rank #1 (Strong Buy) is a better-ranked stock. You can see the complete list of today's Zacks #1 Rank stocks here .
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
