LOS ANGELES–(BUSINESS WIRE)–$CLDR #CLASSACTION—Glancy
Prongay & Murray LLP (“GPM”), a national investors rights law
firm, announces that a class action lawsuit has been filed on behalf of
investors that acquired Cloudera, Inc. (“Cloudera” or the “Company”)
(NYSE: CLDR)
securities between April 28, 2017 and June 5, 2019, inclusive
(the “Class Period”). Cloudera investors have until August 6, 2019 to
file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here
to participate.
If you wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire, at
310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected],
or visit our website at www.glancylaw.com.
On June 5, 2019, the Company reported $103.8 million losses from
operations for first quarter 2020, roughly double the year-over-year
period. The Company disclosed that it was losing business despite its
recent merger with Hortonworks, Inc. and that it suffered an elevated
dollar churn rate of 15%. Moreover, the Company announced the abrupt
retirement of its Chief Executive Officer.
On this news, the Company’s share price fell $3.59, or nearly 41%, to
close at $5.21 on June 6, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the
Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts about
the Company’s business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: (1) Cloudera was finding it
increasingly difficult to identify large enterprises interested in
adopting the Company’s Hadoop-based platform; (2) Cloudera needed to
expend an increasing amount of capital on sales and marketing activities
to generate new revenues; (3) Cloudera had materially diminished sales
opportunities and prospects and could not generate annual positive cash
flows for the foreseeable future; (4) the primary motivation for the
Company’s merger with Hortonworks was to generate growth through the
acquisition of Hortonworks’ existing customers (as opposed to obtaining
them organically); (5) that the purported synergies and other benefits
of the merger with Hortonworks were materially overstated; and (6) as a
result, Defendants’ public statements were materially false and/or
misleading at all relevant times.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased shares of Cloudera during the Class Period you may move
the Court no later than August 6, 2019 to ask the Court
to appoint you as lead plaintiff. To be a member of the Class you need
not take any action at this time; you may retain counsel of your choice
or take no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century
Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150,
Toll-Free at 888-773-9224, by email to [email protected],
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
www.glancylaw.com
[email protected]
