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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of August 18, 2017 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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October 10, 2017 - The court granted final approval of the settlement.
May 26, 2017 - A stipulation of settlement was filed by the parties.
December 5, 2016 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.
September 12, 2016 - A motion to dismiss the amended complaint was filed.
July 28, 2016 - An amended complaint was 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.