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Rimini Street , Inc. (NASDAQ:RMNI), a provider of enterprise software products and services with a market capitalization of $297 million and annual revenue of $429 million, announced today that the United States District Court for the District of Nevada issued a Modified Permanent Injunction following a mandate from the United States Court of Appeals for the Ninth Circuit. The injunction pertains to the ongoing litigation with Oracle Corporation (NYSE:ORCL), originally initiated by Rimini Street in October 2014. According to InvestingPro analysis, the company appears undervalued at current levels, despite recent legal challenges.
The District Court’s action on Monday results from the Ninth Circuit’s March 2025 mandate, which returned jurisdiction over the case to the District Court. The Modified Permanent Injunction addresses aspects of the original permanent injunction issued against Rimini Street in July 2023, which the company did not appeal or which were not vacated on appeal by the Ninth Circuit. While the company faces these legal challenges, InvestingPro data shows its stock has demonstrated resilience with an impressive 89% price return over the past six months, and analysts expect profitability this year.
The litigation, known as Rimini II (Case Number 2:14-cv-01699-MMD-DJA), involves Rimini Street against certain subsidiaries of Oracle. While the specifics of the Modified Permanent Injunction were not detailed in the press release statement, the attached exhibits to the 8-K filing, Exhibits 99.1 and 99.2, contain the official court documents.
The company has stated that all information regarding this matter is current as of the date of the report and no obligation is undertaken to update this information. For further details and disclosures regarding the litigation with Oracle, interested parties are directed to Rimini Street’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025. Investors should note that Rimini Street’s next earnings report is scheduled for May 1, 2025, where management may provide additional updates on this situation. For comprehensive analysis and additional insights, investors can access the detailed Pro Research Report available on InvestingPro, which covers this and over 1,400 other US stocks.
Rimini Street’s announcement is based on information found in the Current Report on Form 8-K filed with the Securities and Exchange Commission. The information in this report is not considered "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and is not subject to the liabilities of that section. This news reflects the latest development in the legal proceedings between Rimini Street and Oracle, providing investors and stakeholders with the most recent information on the matter.
In other recent news, Rimini Street reported its Q4 2024 earnings, revealing a revenue of $114.2 million, which exceeded analysts’ expectations of $102.51 million. The earnings per share (EPS) met projections at $0.07. Despite the positive revenue performance, the company’s stock experienced a decline during regular trading hours. Alliance Global Partners (NYSE:GLP) upgraded Rimini Street’s stock from Neutral to Buy, raising the price target to $6.50 based on future cash recovery and profit forecasts. Rimini Street also regained Nasdaq compliance by appointing Jay Snyder to its Audit Committee, ensuring adherence to listing rules. Additionally, the company announced the appointment of Joe Locandro as the new chief information officer, aiming to enhance its global IT operations and technology initiatives. These developments indicate Rimini Street’s efforts to strengthen its governance and operational capabilities while navigating ongoing litigation and market challenges.
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