There were 105 press releases posted in the last 24 hours and 446,392 in the last 365 days.

LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Cloudera, Inc. To Contact The Firm

NEW YORK, June 26, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Cloudera, Inc. (“Cloudera” or the “Company”) (NYSE: CLDR) of the August, 6, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Cloudera stock between April 28, 2019 and June 5, 2019 and would like to discuss your legal rights, click here:  There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to 

685 Third Avenue, 26th Floor
New York, NY 10017
Attn:  Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330

The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Cloudera common stock between April 28, 2017 and June 5, 2019 (the “Class Period”).  The case, Christie v. Cloudera, Inc., No. 5:19-cv-03221 was filed on June 7, 2019 and has been assigned to Judge Lucy H. Koh.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements and/or failing to disclose that: (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, even as new revenue opportunities were diminishing; and (3) Cloudera had materially diminished sales opportunities and prospects and could not generate annual positive cash flows.

On April 3, 2018, post-market, Cloudera issued a press release announcing its fourth quarter and fiscal year 2018 results. The Company announced a negative operating cash flow of $22 million during the quarter and provided a disappointing outlook for fiscal year 2018, with total revenues of only $435 million to $445 million, representing a sharp deceleration in growth. On an earnings call discussing the foregoing results, Cloudera revealed that a sharp slowdown in the Company's new expansion bookings had occurred in 2018.

On this news, Cloudera's stock price fell from $22.24 per share on April 3, 2018 to $13.29 per share on April 4, 2018- a $8.95 or 40.24% drop.

On October 3, 2018, Cloudera announced that it had entered into a definitive merger agreement with its primary competitor in the Hadoop data analytics space, Hortonworks, Inc. (the "Hortonworks Merger"). In the stock-for-stock deal, valued at $5.2 billion, Hortonworks shareholders would own 40% of the combined Company and receive 1.305 common shares of Cloudera for each share of Hortonworks stock they owned.

On March 13, 2019, post-market, Cloudera issued a press release announcing its fourth quarter and fiscal year 2019 results, providing weak guidance for the first fiscal quarter after the completion of the Hortonworks Merger. On an earnings call to discuss the foregoing results, Cloudera's Chief Financial Officer, Jim Frankola, revealed that the merged entity would need to take a $62 million "haircut" due to purchase price accounting adjustments and also a $28 million write-down of deferred commission expenses. Frankola further stated that differences in billing periods between the companies would reduce 2020 cash flows by $125 million as the legacy companies reconciled their billing cycles.

On this news, Cloudera's stock price fell from $14.61 per share On March 13, 2018 to $11.71 per share on March 14, 2018- a $2.90 or 19.85% drop.

On June 5, 2019, post-market, Cloudera issued a press release announcing its financial and operating results for the first quarter of fiscal year 2020. Cloudera stated that its first-quarter revenues were $187.5 million, but that several customers had elected to "postpone renewal and expansion" of their subscription agreements. Cloudera also announced that its losses from operations had increased to $103.8 million, roughly double the year-over-year period. In addition, Cloudera revealed that its highest-spending customers were essentially flat for the quarter, that middle-spend customers had declined sequentially, and that it was suffering an elevated dollar churn rate of 15%. Cloudera also slashed its full-year outlook, reducing total revenue guidance by $90 million and stating it expected recurring revenue growth of only 0% to 10% for the year (compared to 18% to 21% in the prior issued guidance) and that it now expected to suffer a negative cash flow from operations of between $75 million and $95 million for the year, more than double the amount stated in the previously issued guidance. The same day, Cloudera announced that it's Chief Executive Officer, Thomas J. Reilly, would be abruptly retiring from the Company.

On this news, Cloudera's stock price fell from $8.80 per share on June 5, 2019 to $5.21 per share on June 6, 2019- a $3.59 or 40.80% drop.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Cloudera’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

Faruqi & Faruqi LLP Logo