NEW YORK, June 10, 2019 /PRNewswire/ -- Bernstein
Liebhard LLP, a nationally acclaimed investor rights law firm,
announces that a securities class action lawsuit has been filed on
behalf of shareholders of Cloudera Inc., ("Cloudera" or the
"Company") (NYSE: CLDR) between April 28,
2017, and June 5, 2019 both
dates inclusive, (the "Class Period"). The lawsuit was filed
in the United States District
Court for the Northern District of California to recover damages for Cloudera
investors under the Securities Exchange Act of 1934. If you
wish to serve as lead plaintiff in the Heron class action, you must
move the court no later than August 6,
2019. A lead plaintiff is a representative party acting on
behalf of other class members in directing the litigation. Your
ability to share in any recovery doesn't require that you serve as
lead plaintiff. If you take no action, you may remain an absent
class member.
If you purchased Cloudera securities, and/or would like to
discuss your legal rights and options please visit Cloudera
CLDR Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877)
779-1414 or MGuarnero@bernlieb.com.
According to the lawsuit, throughout the Class Period,
Defendants failed to disclose that: (i) Cloudera was finding it
increasingly difficult to identify large enterprises interested in
adopting the Company's Hadoop-based platform; (ii) Cloudera needed
to expend an increasing amount of capital on sales and marketing
activities to generate new revenues; (iii) Cloudera had materially
diminished sales opportunities and prospects and could not generate
annual positive cash flows for the foreseeable future; (iv) 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); and (v) that
the purported synergies and other benefits of the merger with
Hortonworks were materially overstated.
The truth began to be revealed to the market on April 3, 2018, when, in connection with its
Fourth Quarter and Fiscal Year 2018 financial results, the Company
provided a disappointing outlook for fiscal 2019. This news
contradicted Defendants' prior positive statements and shocked the
market as it had come less than a year after Cloudera went
public. In response the price of Cloudera Common Stock fell
40% to $13.29 per share.
Then on June 5, 2019, Cloudera
reported that its first quarter revenues were $187.5 million, but that several customers had
elected to "postpone renewal and expansion" of their subscription
agreements. At this time, the Company also announced that its
losses from operations had ballooned to $103.8 million, roughly double the year-over-year
period, and that its CEO, Defendant Reilly, would be abruptly
retiring from the Company. On this news, the price of Cloudera
common stock fell 40% to just $5.21
per share.
If you purchased Cloudera securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/cloudera-cldr-shareholder-lawsuit-class-action-fraud-stock-139/
or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National
Law Journal's "Plaintiffs' Hot List" thirteen times and
listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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