Trending...
- Creating a Digital Identity for Every Physical Object: Identiv Showcases Bespoke RFID and IoT Solutions at RFID Journal LIVE!
- Noted storyteller and technologist Angelica McKinley joins the board of NMHA
- BREAKING NEWS: ALLEGIANT SPECIALLY DESIGNS EXCLUSIVE TRAVEL PACKAGES FOR NFL FANS
LAS VEGAS--(BUSINESS WIRE)--Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, issued the following statement in reference to recent activity in its long-running, eleven year litigation with Oracle:
"Yesterday, the U.S. Federal Court issued its findings and order following an evidentiary hearing in September 2021 on its Order to Show Cause. The matter was related to the permanent injunction that has been in place since 2018. The permanent injunction defines the manner in which Rimini Street can provide support services for certain Oracle product lines but does not prohibit support of any Oracle products.
Despite extensive discovery by Oracle that commenced over two years ago and included millions of pages of documents, only ten (10) items were ultimately before the Court in the evidentiary hearing.
In its findings and order from the hearing, the Court ruled in favor of Rimini Street on five (5) items. With respect to the other five (5) items, the Court found the Company violated the permanent injunction, awarded sanctions of $630,000 and ordered that certain computer files be quarantined from use. Oracle may also recover its reasonable attorneys' fees.
While Rimini Street respects and takes court orders and the law very seriously and strives to comply with both, we respectfully disagree with many of the Court's findings. Rimini Street is evaluating its options and considering potential next steps, which could include an appeal to the U.S. Ninth Circuit Court of Appeals.
Rimini Street is also looking forward to litigating the matters in the lawsuit brought by Rimini Street against Oracle in 2014, including our claim that Oracle has engaged in illegal anticompetitive conduct."
About Rimini Street, Inc.
Rimini Street, Inc. (Nasdaq: RMNI), a Russell 2000® Company, is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, more than 4,400 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn. (IR-RMNI)
More on nvtip.com
Forward-Looking Statements
Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "may," "should," "would," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "seem," "seek," "continue," "future," "will," "expect," "outlook" or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street's business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the impact of our credit facility's ongoing debt service obligations and financial covenants and operational covenants on our business and related interest rate risk, the duration of and operational and financial impacts on our business of the COVID-19 pandemic and related economic impact, as well as the actions taken by governmental authorities, clients or others in response to the COVID-19 pandemic; catastrophic events that disrupt our business or that of our current and prospective clients, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse developments in pending litigation or in the government inquiry or any new litigation; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements, including under our new credit facility; our ability to maintain an effective system of internal control over financial reporting, and our ability to remediate identified material weaknesses in our internal controls, including in relation to the accounting treatment of our warrants; changes in taxes, laws and regulations; competitive product and pricing activity; challenges of managing growth profitably; the customer adoption of our recently introduced products and services, including our Application Management Services (AMS), Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products, in addition to other products and services we expect to introduce in the future; the loss of one or more members of Rimini Street's management team; uncertainty as to the long-term value of Rimini Street's equity securities; and those discussed under the heading "Risk Factors" in Rimini Street's Quarterly Report on Form 10-Q filed on November 3, 2021, and as updated from time to time by Rimini Street's future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street's expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street's assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street's assessments as of any date subsequent to the date of this communication.
More on nvtip.com
© 2022 Rimini Street, Inc. All rights reserved. "Rimini Street" is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.
Contacts
Vikki Hansen
Rimini Street, Inc.
+1 (708) 556-3185
vhansen@riministreet.com
"Yesterday, the U.S. Federal Court issued its findings and order following an evidentiary hearing in September 2021 on its Order to Show Cause. The matter was related to the permanent injunction that has been in place since 2018. The permanent injunction defines the manner in which Rimini Street can provide support services for certain Oracle product lines but does not prohibit support of any Oracle products.
Despite extensive discovery by Oracle that commenced over two years ago and included millions of pages of documents, only ten (10) items were ultimately before the Court in the evidentiary hearing.
In its findings and order from the hearing, the Court ruled in favor of Rimini Street on five (5) items. With respect to the other five (5) items, the Court found the Company violated the permanent injunction, awarded sanctions of $630,000 and ordered that certain computer files be quarantined from use. Oracle may also recover its reasonable attorneys' fees.
While Rimini Street respects and takes court orders and the law very seriously and strives to comply with both, we respectfully disagree with many of the Court's findings. Rimini Street is evaluating its options and considering potential next steps, which could include an appeal to the U.S. Ninth Circuit Court of Appeals.
Rimini Street is also looking forward to litigating the matters in the lawsuit brought by Rimini Street against Oracle in 2014, including our claim that Oracle has engaged in illegal anticompetitive conduct."
About Rimini Street, Inc.
Rimini Street, Inc. (Nasdaq: RMNI), a Russell 2000® Company, is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, more than 4,400 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn. (IR-RMNI)
More on nvtip.com
- What Is An Advance Premium Tax Credit?
- Do You Have Any Experience With Play-To-Earn Games/NFTs?
- Comstock Realty Partners to showcase 850 unit mixed-use 'Modelo' Project at ICSC 2022 in Las Vegas
- Welcome AWATFIT The Fitness Truck to Fort Lauderdale
- Digi-Key Electronics Wins Big at 2022 EDS Leadership Summit
Forward-Looking Statements
Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "may," "should," "would," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "seem," "seek," "continue," "future," "will," "expect," "outlook" or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street's business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the impact of our credit facility's ongoing debt service obligations and financial covenants and operational covenants on our business and related interest rate risk, the duration of and operational and financial impacts on our business of the COVID-19 pandemic and related economic impact, as well as the actions taken by governmental authorities, clients or others in response to the COVID-19 pandemic; catastrophic events that disrupt our business or that of our current and prospective clients, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse developments in pending litigation or in the government inquiry or any new litigation; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements, including under our new credit facility; our ability to maintain an effective system of internal control over financial reporting, and our ability to remediate identified material weaknesses in our internal controls, including in relation to the accounting treatment of our warrants; changes in taxes, laws and regulations; competitive product and pricing activity; challenges of managing growth profitably; the customer adoption of our recently introduced products and services, including our Application Management Services (AMS), Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products, in addition to other products and services we expect to introduce in the future; the loss of one or more members of Rimini Street's management team; uncertainty as to the long-term value of Rimini Street's equity securities; and those discussed under the heading "Risk Factors" in Rimini Street's Quarterly Report on Form 10-Q filed on November 3, 2021, and as updated from time to time by Rimini Street's future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street's expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street's assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street's assessments as of any date subsequent to the date of this communication.
More on nvtip.com
- Cornerstone and Swiftlane Announce Strategic Technology Initiative to Create Safer Rental Communities in Denver
- Are Ambulance Rides Covered By Health Insurance?
- TOKYO SKYTREE Celebrates Its 10th anniversary! Let's Pay Homage to this Japanese Landmark and World's Tallest Freestanding Broadcast Tower
- Wally's NFT, wallstreetbets.com and Xavier Mortimer Announce Multi-Year Partnership Expanding the World of Magic into the Metaverse
- In Honor Of Mental Health Month Comedian Don Barnhart Is Giving Away Laughter In Las Vegas
© 2022 Rimini Street, Inc. All rights reserved. "Rimini Street" is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.
Contacts
Vikki Hansen
Rimini Street, Inc.
+1 (708) 556-3185
vhansen@riministreet.com
Filed Under: Business
0 Comments
Latest on nvtip.com
- Kanpai Pandas LIVE at UFC 276 (Adesanya vs Cannonier)
- Implement The Exploration Of Charity In The Virtual World Concept Till The Very End
- BREAKING NEWS: ALLEGIANT SPECIALLY DESIGNS EXCLUSIVE TRAVEL PACKAGES FOR NFL FANS
- Understanding The Need For Boat Insurance
- PLAYSTUDIOS, Inc. Announces Results of the Offer to Purchase and Consent Solicitation Relating to Its Warrants
- Global Changemakers Celebrate Black Women In Film At Cannes Film Festival In Response To Gross Underrepresentation In Competition, over 75-years
- Country Music Singer/Songwriter Ashley Wineland To Drop Full-Length Album 'I'm Gonna Ride'
- Veeam North America Impact Partner Award Winners Announced
- DAVID BLAINE ANNOUNCES FIRST-EVER LAS VEGAS RESIDENCY AT RESORTS WORLD THEATRE
- Veeam Showcases Vision for the Future of Modern Data Protection at VeeamON 2022
- Grayhawk Capital Receives U.S. Small Business Administration Investment Company of the Year Award
- Monotype Team Honored at 73rd Annual Technology & Engineering Emmys Ceremony
- ThoroughCare Announces $3 Million Capital Raise to Advance Care Coordination for Value-Based Care
- CORRECTING and REPLACING The International Union of Operating Engineers, Local 501: NLRB Files Complaint Against Resorts World Las Vegas Over Unlawful Anti-Union Conduct
- The International Union of Operating Engineers, Local 501: NLRB Files Complaint Against Resorts World Las Vegas Over Unlawful Anti-Union Conduct
- San Antonio Tech Startup Shares Beta at Geekdom Mixer
- Creating a Digital Identity for Every Physical Object: Identiv Showcases Bespoke RFID and IoT Solutions at RFID Journal LIVE!
- 1040 Abroad publishes authoritative guide on the Foreign Tax Credit (FTC) and form 1116
- 1040 Abroad publishes authoritative guide on the Foreign Earned Income Exclusion (FEIE)
- $230 Million Class Action Settlement Reached From 2015 Santa Barbara Oil Spill