NEW YORK, Oct. 9, 2018 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Hortonworks, Inc. ("HDP" or the "Company") (NASDAQ: HDP) in connection with the proposed acquisition of the Company by Cloudera, Inc. Under the terms of the acquisition agreement, shareholders will receive 1.035 CLDR shares for each HDP share they own. This represents consideration of $21.83 per HDP, based on CLDR's October 3 trading price of $16.73.
If you own HDP shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact:
1500 Broadway, 16th Floor
New York, NY 10036
Visit our website
Or follow us on Twitter @MarketsAlert
WeissLaw is investigating whether HDP's Board acted to maximize shareholder value prior to entering into the agreement. Notably, HDP shares traded for $26.22, or $4.39 above the per-share consideration, as recently as September 14.
In addition, the Company recently announced positive financial results for the second quarter of 2018. It reported total gross profits of $62.4 million, representing an increase of $21 million year-over-year when compared to the $41.4 million reported in the same period of the previous year. The Company also announced a remarkable 40% annual increase in total GAAP revenue.
Given these facts, WeissLaw is concentrating its investigation on whether HDP's Board conducted a fair process in agreeing to the proposed acquisition, and whether the proposed acquisition undervalues the Company.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com.
SOURCE WeissLaw LLP