Hortonworks Inc (NASDAQ: HDP) Investor Securities Class Action Lawsuit 02/29/2016

If you purchased shares of Hortonworks Inc (NASDAQ: HDP), you might have certain options and should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Case Name: 
Hortonworks Shareholder Class Action Lawsuit 02/29/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
Settlement Amount: 
Deadline to Participate in Settlement: 

January 9, 2018 - The court ordered the authorization of the distribution of the net settlement fund.

October 10, 2017 - The court approved the settlement and entered the order approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

September 22, 2017 - The court held a final settlement hearing.

April 11, 2017 - Parties filed a stipulation of settlement.

December 5, 2016 - The court granted defendants' motion to dismiss with leave to amend.

September 12, 2016 - Defendants filed a motion to dismiss.

July 28, 2016 - The lead plaintiff filed an amended consolidated complaint.

June 1, 2016 - Lead plaintiff and lead counsel were appointed.

April 29, 2016 - Lead plaintiff motions were filed.

February 29, 2016 - An investor in shares of Hortonworks Inc (NASDAQ: HDP) 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 in connection with certain allegedly false and misleading statements made between November 4, 2015 and January 15, 2016.

According to the complaint 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 Inc had sufficient cash and cash equivalents to fund 12 months of working capital and capital expenditure needs, defendants failed to disclose that Hortonworks Inc 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.

Hortonworks Inc went public in late 2014 and shares of Hortonworks Inc (NASDAQ: HDP) reached as high as $28.91 per share in August 2015.

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."

On January 15, 2016, Hortonworks Inc announced it had retained Goldman Sachs to raise $100 million in a secondary offering.

On February 10, 2016, Hortonworks Inc announced its financial results for its fourth quarter and full year 2015. Hortonworks Inc reported that its annual Total Revenue rose from $46.05 million in 2014 to $121.94 million in 2015 and that its Net Loss increased from $177.37 million in 2014 to $179.12 million in 2015. Shares of Hortonworks Inc (NASDAQ: HDP) declined to as low as $7.12 per share on February 9, 2016.

On February 29, 2016, NASDAQ: HDP shares closed at $11.55 per share.