Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Hortonworks, Inc. To Contact The Firm Before Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Hortonworks, Inc. (“Hortonworks” or the “Company”) (NASDAQ:HDP) of the April 29, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased or otherwise acquired Hortonworks common stock between November 4, 2015 and January 15, 2016 (the “Class Period”). The case, Monachelli v. Hortonworks, Inc, et al, No. 3:16-cv-00980 was filed on February 29, 2016, and has been assigned to Judge Susan Yvonne Illston.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and misleading statements regarding the Company’s business, operations, cash position, prospects, and internal controls.
Specifically, whether in November 2015, the Company: (i) misrepresented that Hortonworks had sufficient cash and cash equivalents to fund twelve (12) months of working capital and capital expenditure needs; (ii) failed to disclose that the Company lacked adequate cash to meet those working capital and capital expenditure requirements; (iii) failed to disclose that, as a result, Defendants were contemplating a significant offering to fund its operations; and (iv) as a result of the foregoing, Hortonworks’ public statements were materially false and misleading at all relevant times.
Additionally, on Friday, January 15, 2016, post-market, the Company announced it had retained Goldman Sachs to raise $100 million in a secondary offering. On this news, share price fell $6.13 per share the next day to close at $10.44 per share, a ~37% drop, on January 19, 2016.
If you invested in Hortonworks securities between November 4, 2015 and January 15, 2016 and would like to discuss your legal rights, please fill out the form below or contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Hortonworks’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.