SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

March 29, 2016 15:43 ET

SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in Hortonworks, Inc. to Contact the Firm Before Lead Plaintiff Deadline

NEW YORK, NY--(Marketwired - March 29, 2016) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Hortonworks, Inc. ("Hortonworks" or the "Company") (NASDAQ: HDP) of the April 29, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.

The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased or otherwise acquired Hortonworks common stock between November 4, 2015 and January 15, 2016 (the "Class Period"). The case, Monachelli v. Hortonworks, Inc, et al, No. 3:16-cv-00980 was filed on February 29, 2016, and has been assigned to Judge Susan Yvonne Illston.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and misleading statements regarding the Company's business, operations, cash position, prospects, and internal controls.

Specifically, whether in November 2015, the Company: (i) misrepresented that Hortonworks had sufficient cash and cash equivalents to fund twelve (12) months of working capital and capital expenditure needs; (ii) failed to disclose that the Company lacked adequate cash to meet those working capital and capital expenditure requirements; (iii) failed to disclose that, as a result, Defendants were contemplating a significant offering to fund its operations; and (iv) as a result of the foregoing, Hortonworks' public statements were materially false and misleading at all relevant times.

Additionally, on Friday, January 15, 2016, post-market, the Company announced it had retained Goldman Sachs to raise $100 million in a secondary offering. On this news, share price fell $6.13 per share the next day to close at $10.44 per share, a ~37% drop, on January 19, 2016.

Request more information now by clicking here: www.faruqilaw.com/HDP. There is no cost or obligation to you.

Take Action

If you invested in Hortonworks securities between November 4, 2015 and January 15, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/HDP. 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 rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Hortonworks' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that 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 of whether or not to serve as a lead plaintiff. 

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). 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.

Contact Information

  • FARUQI & FARUQI, LLP
    685 Third Avenue, 26th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
    rgonnello@faruqilaw.com
    Telephone: (877) 247-4292 or (212) 983-9330