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Thndr Claps » U.S. Claps » Tech 📲 » Oracle hit with hefty fine 🖥

Oracle hit with hefty fine 🖥

by Omar El Shorafa
September 28, 2022
Oracle, Claps, NYSE

The Clap
Oracle (NYSE: ORCL) will pay around $23 million due to bribing accusations in its units in Turkey, UAE, and India.

The Deets
Oracle was accused of bribing foreign officials to win business and paying for foreign officials to attend technology conferences.

This is the second offense for Oracle, as Oracle had to pay a $2 million fine to settle SEC charges in 2012.

Why this Matters
Oracle’s stock closed the session down 1.56% and has declined around 29% YTD.

What Now
Oracle will pay a $15 million civil fine in addition to $7.9 million from profits made from the act.

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