Craig-Hallum downgrades Rimini Street to Hold after ‘harsh’ court ruling

As previously reported, Craig-Hallum downgraded Rimini Street (RMNI) to Hold from Buy with a price target of $3, down from $10. The just-released ruling by Judge Miranda M. Du, U.S. District Judge 9th circuit, was a stunningly harsh ruling against Rimini Street, Craigh-Hallum says. Oracle (ORCL) was granted every benefit of the doubt and essentially coached toward filing additional demands. The ruling is so harsh, it appears to put at risk/be in conflict with some basic premises of IT consulting, the firm adds, highlighting that this new ruling places restrictions that so severely tie Rimini’s hands as to make it uneconomical for them, in some cases, to actually provide those services, raising obvious questions as to the meaning/relevance of the Supreme Court ruling in the first place.