NEW YORK, Feb. 19, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Hortonworks, Inc. ("Hortonworks" or the "Company") (NASDAQ: HDP). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Hortonworks and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On November 12, 2015, Hortonworks 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." Hortonworks stock climbed as high as $22.08, a gain of nearly 26%, thereafter. However, on January 15, 2016, post-market, Hortonworks announced it had retained Goldman Sachs to raise $100 million in a secondary offering. Analysts expressed surprise, with one stating, "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."
As a result of this news, Hortonworks stock fell $6.13, or nearly 37%, to close at $10.44 on January 19, 2016, the next trading day.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP