Oracle sued by bondholders over losses tied to AI buildout
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Figurines with computers and smartphones are seen in front of Oracle logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration
NEW YORK, Jan 14 (Reuters) - Oracle was sued on Wednesday by bondholders who say they suffered losses because the company led by billionaire Larry Ellison failed to disclose it needed to sell significant additional debt to build out its artificial intelligence infrastructure.
The proposed class action was filed in a New York state court in Manhattan on behalf of investors who bought $18 billion of notes and bonds that Oracle issued in September. Ellison and Oracle's banks were also named as defendants.
(Reporting by Jonathan Stempel in New York)
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