The proposed class action includes investors who purchased $18 billion in notes and bonds issued by Oracle on September 25, after the company announced two weeks earlier that it had won a five-year, $300 billion contract to supply computing power to OpenAI, Reuters reports reported Wednesday.
The lawsuit alleges that investors then suffered losses when Oracle returned to the capital markets seven weeks later and sought $38 billion in loans to finance data centers to support that agreement. Prices fell and yields rose as investors perceived greater credit risk, the report said.
The lawsuit seeks unspecified damages, according to the report.
When contacted by PYMNTS, Oracle declined to comment on the report.
In September, it was reported that Oracle was in line for a $300 billion deployment agreement Cloud…
