Rimini Street, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Rimini Street, Inc. on November 28, 2023, regarding events occurring on November 27, 2023. The filing addresses ongoing legal proceedings between the Company and Oracle Corporation concerning a permanent injunction issued in November 2018 and subsequent contempt proceedings initiated in July 2020.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figure disclosed relates to a specific legal claim: Oracle has requested approximately $12.2 million in attorneys' fees, taxable costs, and non-taxable costs associated with the contempt proceedings. Oracle indicated it intends to supplement this amount to include fees incurred in October and November 2023.
Material Changes
The material change reported is the formal filing by Oracle of a motion for attorneys' fees and costs totaling approximately $12.2 million. This follows a January 2022 District Court order ruling that Oracle may recover "reasonable attorneys' fees and costs" against Rimini Street. The filing outlines the procedural timeline for the Company's response and Oracle's reply.
Outlook, Risks, and Management Commentary
Management reserves all rights, including appellate rights, regarding the appropriateness of awarding attorneys' fees and the specific amount requested. The Company notes that the information is current as of the report date and disclaims any duty to update it. Investors are directed to the Company's Form 10-Q for the quarter ended September 30, 2023, for broader context on the litigation. The filing explicitly states that the information in Item 7.01 is not deemed "filed" for purposes of Section 18 of the Exchange Act unless specifically incorporated by reference.
Investor Verification Checklist
- Verify the exact amount of the $12.2 million claim and any subsequent supplements filed by Oracle for October and November 2023 costs.
- Review the Company's response to Oracle's motion, due 60 days after the November 27 filing.
- Consult the Form 10-Q filed on November 1, 2023, for historical financial impacts and detailed litigation disclosures.
- Monitor the District Court's final determination on the fee award and any potential appeals by the Company.