SAN DIEGO & PALO ALTO, Calif.–(BUSINESS WIRE)–$CLDR #ClassAction–Shareholder rights law firm Robbins Arroyo LLP announces that a
purchaser of Cloudera, Inc. (NYSE: CLDR) has filed a class action
complaint against Cloudera for alleged violations of the Securities and
Exchange Act of 1933 pursuant to the January 2019 merger of Cloudera and
Hortonworks. Cloudera is a data management and software company.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/cloudera-inc/
Cloudera Accused of Misleading Investors
According to the complaint, Cloudera issued millions of new shares of
Cloudera stock to former shareholders of Hortonworks in connection with
the merger and pursuant to the registration statement. Each former share
of Hortonworks was exchanged for 1.305 shares of newly issued Cloudera
stock. However, the registration statement failed to disclose how
Cloudera was experiencing increased competition from, and loss of
customers and market share to, competitors that offered a more fully
integrated product. Moreover, Cloudera’s sales force was working at a
competitive disadvantage, without the benefit of a clear roadmap for
Cloudera to pitch to customers. As a result, Cloudera customers were
delaying renewals. These undisclosed negative events, trends, and
uncertainties rendered Cloudera’s reported financial and operational
statements incorporated in the registration statement false and
misleading. As of June 11, 2019, Cloudera’s stock traded at $5.09 per
share, an over 50% decline from the approximately $11 per share on the
exchange date for the merger.
Cloudera Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leo Kandinov at (800)
350-6003, [email protected],
or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contacts
Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San
Diego, CA 92122
[email protected]
(619)
525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
