HENDERSONVILLE, TN / ACCESSWIRE / August 16, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, announces that a purchaser of Cloudera, Inc. (NYSE:CLDR) filed a derivative complaint against the company's officers and directors for breaches of fiduciary duties and unjust enrichment from April 28, 2017 to the present. Cloudera is a data management and software company.
Cloudera Accused of Misleading Shareholders
According to the derivative complaint, from 2015-2017, Cloudera touted its 140% revenue increase and earned recognition as one of the largest global enterprises. Due to this positive growth, Cloudera raised over $258 million in gross proceeds when it went public in its initial public offering ("IPO") in April 2017. Following the IPO, Cloudera's officers and directors highlighted Cloudera's "land-and-expand" business model for growing its customer base, assuring investors of its viability and stating "the benefits…are evident in [its] improving margins and cash flow." However, these misleading positive statements were materially false and, in reality, Cloudera's "land-and-expand" strategy was a ploy to grow revenues while Cloudera's technology grew increasingly outdated, causing pricing and servicing disadvantages compared to its competitors. As a result, Cloudera had diminished sales opportunities that prevented it from generating annual positive cash flow for the future. Cloudera's adverse situation was revealed on April 3, 2018, when Cloudera provided a disappointing outlook for fiscal 2019, demonstrating a sharp deceleration in growth. On this news, Cloudera's stock price fell 40% to $13.29 per share, which is 11% less than its IPO price.
The Law Offices of Timothy L. Miles Encourages Cloudera Shareholders to Contact the Firm
If you purchased Cloudera securities, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to firstname.lastname@example.org. If you inquire by email please include your mailing address, telephone number, the number of shares owned and the date(s) you purchased these shares.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected as a 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM and maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2019); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Distinguished Lawyer, Recognizing Excellence in Securities Law, Lawyers of Distinction (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo).
SOURCE: The Law Offices of Timothy L. Miles
View source version on accesswire.com: