An investor in NASDAQ:HDP shares filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Hortonworks Inc.
Investors who purchased shares of Hortonworks Inc (NASDAQ:HDP) have certain options and for certain investors are short and strict deadlines running. Deadline: April 29, 2016. NASDAQ:HDP investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges on behalf of purchasers of Hortonworks Inc (NASDAQ:HDP) common shares between November 4, 2015 and January 15, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 4, 2015 and January 15, 2016, defendants misrepresented that Hortonworks had sufficient cash and cash equivalents to fund 12 months of working capital and capital expenditure needs, defendants failed to disclose that Hortonworks in actuality lacked adequate cash to meet those working capital and capital expenditure requirements over that period of time, defendants failed to disclose that, as a result, Defendants were contemplating a significant offering to fund its operations, and that as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.
On November 12, 2015, Hortonworks Inc filed a quarterly report with the Securities and Exchange Commission (“SEC”) for the quarter ended September 30, 2015 on Form 10-Q, stating, in part: “We believe that our existing cash and cash equivalents balance, together with cash generated from sales of our support subscriptions and professional services to customers, will be sufficient to meet our working capital and capital expenditure requirements for the next 12 months.” Then on January 15, 2016, Hortonworks Inc announced it had retained Goldman Sachs to raise $100 million in a secondary offering.
On March 14, 2016, NASDAQ:HDP shares closed at $11.48 per share.
Those who purchased NASDAQ:HDP shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com