October 28, 2024
From Reuters - Software giant Oracle (ORCL.N), opens new tab has sued construction industry software company Procore Technologies (PCOR.N), opens new tab in California federal court, accusing Procore of stealing confidential information to build up its business.
Oracle's lawsuit alleges that its former employee Mark Mariano took "thousands" of trade secrets to his new job at Procore, which enabled the company to launch a rival software platform for construction payment management.
Procore recently announced its third quarter earnings reporting a net loss per share of $0.18 for the 3rd quarter and $0.30 per share for the nine months ending September 2024. You can view a copy of their financial statement by clicking here.
Read the full 33-page court filing submitted by Oracle by downloading the PDF document below.
There is slightly more information in a December 10, 2024, article in Pacific Coast Business Times that also contains Procore's response.
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