Faruqi & Faruqi, LLP Announces Filing of a Class Action Lawsuit Against Hortonworks, Inc.
Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Northern District of California, case No. 18-cv-06923, on behalf of shareholders of Hortonworks, Inc. (“Hortonworks” or the “Company”) (NASDAQ: HDP) who have been harmed by Hortonworks’ and its board of directors’ (the “Board”) alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) in connection with the proposed merger of the Company with Cloudera, Inc. (“Cloudera”).
On October 3, 2018, the Board caused the Company to enter into an Agreement and Plan of Merger (“Proposed Transaction”) under which each outstanding share of Hortonworks common stock will be exchanged for 1.305 shares of Cloudera common stock (the “Merger Consideration”). The shareholder vote on the Proposed Transaction is expected to occur on December 28, 2018.
The complaint alleges that the Form S-4 Registration Statement (the “S-4”) filed with the Securities and Exchange Commission (“SEC”) on November 5, 2018, violates Sections 14(a) and 20(a) of the Exchange Act because it provides materially incomplete and misleading information about the Company and the Proposed Transaction, including information concerning the Company’s financial projections and analysis, on which the Board relied to recommend the Proposed Transaction as fair to Hortonworks shareholders.
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Filed on 12/05/2018
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James M. Wilson, Jr. firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331
Nadeem Faruqi email@example.com Phone (212) 983-9330 Fax (212) 983-9331