Published radial velocity measurements of the K giant star 42 Dra taken over a three year time span reveal variations consistent with a 3.9M_Jup_ mass companion in a 479-d orbit. This exoplanet can be confirmed if these variations are long-lived and coherent. Continued monitoring may also reveal additional companions. We have acquired additional radial velocity measurements of 42 Dra so that the data now span fifteen years. Standard periodogram analyses were used to investigate the stability of the planet radial velocity signal. We also investigated variations in the spectral line shapes using the bisector velocity span as well as infrared photometry from the COBE mission. The recent radial velocity measurements do not follow the published planet orbit. An orbital solution using the 2004-2011 data yields a period and eccentricity consistent with the published values, but the radial velocity amplitude has decreased by a factor of four from the earlier measurements. Including some additional radial velocity measurements taken between 2014 and 2018 reveal a second period at 530-d. The beating of this period with the one at 479-d may account for the observed amplitude variations. The planet hypothesis is conclusively ruled out by COBE/DIRBE 1.25um photometry that shows variations with the planet orbital period as well as a 170-d period. The radial velocity of 42 Dra shows significant amplitude variations which along with the COBE/DIRBE photometry firmly established that there is no giant planet around this star. The presence of multi-periodic variations suggests that these we are seeing stellar oscillations in this star, most likely oscillatory convection modes. These oscillations may account for some of the long period radial velocity variations attributed to planets around K giant stars which may skew the statistics of planet occurrence around intermediate mass stars. Long- term monitoring with excellent sampling is required to exclude amplitude variations in the long-periods found in radial velocity of K giant stars.