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Rimini Street Delivers 2015 Year-End Tax, Legal and Regulatory Updates for North America, Plus Global Updates for Countries in Asia-Pacific, EMEA and Latin America
Updates delivered to many countries around the world, including Austria, Brazil, China, the Czech Republic, Hong Kong, India, Italy, Japan, Norway, Romania, Ukraine and the UK
LAS VEGAS - December 18, 2015 - Rimini Street, Inc., the leading independent provider of enterprise software support services for SAP SE's (NYSE:SAP) Business Suite and BusinessObjects software and Oracle Corporation's (NYSE:ORCL) Siebel, PeopleSoft, JD Edwards, E-Business Suite, Oracle Database, Oracle Middleware, Hyperion, Oracle Retail and Oracle Agile PLM software, today announced delivery of its PeopleSoft 2015 year-end tax, legal and regulatory updates, 2015-E for the US and Canada, as well as global updates for many countries. The updates were delivered ahead of the vendor's own scheduled delivery date for similar updates by applying Rimini Street's patent-pending tax, legal and regulatory research technology, a proven methodology and ISO 9001-certified development processes. SAP, JD Edwards and Oracle E-Business Suite clients, as well as clients with operations in more than a dozen countries across Asia-Pacific, EMEA and Latin America received significant new tax, legal and regulatory changes from Rimini Street that were required to ensure compliance with the growing number of legislative changes around the world.
I wanted to update you on developments since we completed our trial with a very favorable jury verdict on 13 October, 2015. As I explained, even AFTER our jury verdict, there are several remaining "mop up or clean up" items that still need to be argued out between Oracle, Rimini and the Court. These items can take months to resolve. Those items are any proposed "Verdict Changes," "Injunction," "Attorney's Fees & Costs" and "Pre-judgment Interest." I will provide a summary update on each item below. These are only summaries, not our entire, detailed arguments which are extensive and detailed in the actual court filings. Verdict Changes: Rimini Street has filed to overturn, as a matter of law, the jury verdict for $50 million. One motion is to overturn the $35.6 million for copyright infringement. Rimini believes it had not infringed, and that errors in the court proceedings did not allow Rimini to properly defend itself and make its case as to why we did not infringe. The second motion is to overturn the $14.4 million for computer access violations. Rimini believes there was no legal basis for any findings of liabilities under the stated laws, and the jury should never have been given the matter for trial. No matter what the ultimate verdict amount is - up to the current $50 million or some lesser amount, if anything, Rimini is ultimately held liable for, Rimini asserts that its insurance carriers are liable for paying up to $42 million of the verdict.
Oracle filed a proposal for an injunction that Oracle says would order Rimini not to do any of the activities the court adjudicated against us at trial. Rimini Street has responded, and claims (1) that there is no basis or reason for any injunction at all, and (2) if the court believes an injunction is warranted, that the language Oracle proposed is improper, illegal and must be substantially altered. Rimini has made it clear to the court that it has ceased all the conduct that was adjudicated against Rimini no later than July 2014 - so there is no basis or reason for any injunction on processes and conduct no longer in use at Rimini. We now await the court's next proposed action, which could be a decision or a hearing for both sides to argue their positions to the judge. There is no timetable or deadline for the court to resolve this dispute.
Oracle Legal Fees & Costs:
Oracle has filed a request for about $60 million in legal fees and costs that it claims are the responsibility of Rimini. Rimini, of course, disagrees with Oracle, and will file our response by 13 December 2015. No matter what legal fees & costs, if any, Rimini is ultimately held liable for, Rimini asserts that its insurance carriers are liable for paying the full amount. We now await the court's next proposed action, which could involve more evidence collection and testimony or could be a decision or a hearing for both sides to argue their positions to the judge. There is no timetable or deadline for the court to resolve this dispute.
Oracle has filed a request for about $40 million in interest on the verdict award, claiming they should get interest as though they "loaned us the money" for many years. Rimini, of course, disagrees with Oracle, and will file our response by 13 December 2015. No matter what pre-judgement interest, if any, Rimini is ultimately held liable for, Rimini asserts that its insurance carriers are liable for paying the full amount. We now await the court's next proposed action, which could be collection of more evidence and testimony or could be a decision or a hearing for both sides to argue their positions to the judge. There is no timetable or deadline for the court to resolve this dispute. NOW, Oracle, Spinnaker may issue press releases around some or all of this information (as usual), and you may see some press and media coverage (again, as usual). (As usual...), don't get distracted by the side-show that Oracle and our other competitors may try to use as FUD (Fear, Doubt, Uncertainty) while we work out these remaining items with the court. Funny how the FUD keeps getting to be about smaller numbers, smaller issues, and Oracle trying to ignore their loss and act like it never happened! Stay focused, stay cool, calm and collected no matter what you see in media, letters to clients, letters to prospects - just as we have done year after year as we work our way through.
About Rimini Street, Inc.
Rimini Street is the global leader in providing independent enterprise software support services. The company has redefined enterprise support services since 2005 with an innovative, award-winning program that enables Oracle and SAP licensees to save up to 90 percent on total support costs. Clients can remain on their current software release without any required upgrades for at least 15 years. Over 1,150 global, Fortune 500, midmarket, and public sector organizations from a broad range of industries have selected Rimini Street as their trusted, independent support provider. To learn more, please visit http://www.riministreet.com.
This press release may contain forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "plan," "expect," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties, and are based on various assumptions. If the risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Rimini Street assumes no obligation to update any forward-looking statements or information, which speak only as of the date of this press release.
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