Friday, March 30, 2012

Oracle Lawsuit Settlement Costs $58 million; Stock Drops

Posted By on Fri, Mar 30, 2012 at 9:22 AM

Micron has settled a nearly two-year tussle with Oracle, who accused the Boise-based company of artificially inflating microchip prices. Oracle's 2010 suit claimed that several companies, including Micron, conspired to raise prices between 1998 and 2002, a violation of federal and state antitrust laws.

In a company statement late Thursday, Micron said the settlement will result in a net loss of $58 million, which pushed its total net losses for the second fiscal quarter of 2012 to $282 million.

At this morning's opening bell of the NASDAQ exchange, Micron stock dropped 2 percent to $8.25 per share.

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