NEW YORK, April 14, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, notifies investors of class action against Hortonworks, Inc. ("Hortonworks" or "the Company") (NASDAQ: HDP). The class action has been filed in the United States District Court, Southern District of New York on behalf of a class consisting of all persons or entities who purchased Hortonworks securities between November 4, 2015 and January 15, 2016, both dates inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The complaint alleges that Defendants made false and misleading statements, and failed to disclose material adverse facts, to investors regarding Hortonwork's business, operations, cash position, prospects, and internal controls. In November 2015 the Defendants allegedly: (1) distorted reports that Hortonworks had sufficient cash and cash equivalents to fund 12 months of working capital and capital expenditure needs; (2) failed to disclose that Hortonworks really lacked sufficient cash to meet those working capital and capital expenditure requirements over that period of time; (3) failed to disclose that, as a result, defendants were contemplating a significant offering to fund its operations; and (4) as a result of the foregoing, defendants' public statements were materially false and misleading at all relevant times.
On January 15, 2016, post-market, Hortonworks stated it had retained Goldman Sachs to raise $100 million in a secondary offering. Analysts were surprised with this statement, as one was quoted, "We believe it will be incumbent on HDP during its roadshow to show why this offering, announced in this way, at this time, should not be interpreted as evidence of serious difficulty." Following this news, on January 19, 2016, the next trading day, Hortonworks stock fell $6.13, or nearly 37%, to close at just $10.44 per share.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action, visit the firm's website: http://www.bgandg.com/#!hdp/ujphi. To discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Hortonworks you have until April 29, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC
