OAKLAND, Calif.--(BUSINESS WIRE)--Cloudera, Inc. shares have declined by more than 40% on news of its CEO’s departure, disappointing first-quarter financial results and revenue forecast, and multiple analyst downgrades. Gibbs Law Group is investigating a potential Cloudera Class Action Lawsuit on behalf of investors who lost money in Cloudera (NYSE: CLDR) stock.
To speak privately with an attorney regarding this class action lawsuit investigation, click here.
On June 5, 2019, Cloudera announced that CEO Tom Reilly would be leaving the company, and lowered its revenue outlook for 2020 by $90 million. CNBC published an article on Cloudera’s announcements, stating “[C]loudera continues to bleed cash and is struggling to generate consistent growth, raising concerns about the future viability of its data analytics technology.”
Multiple analysts downgraded Cloudera, including Needham’s Jack Andrews, who stated,
“A CEO departure, the retraction of a near-term target financial model, lack of clarity regarding a major new product launch, and most alarmingly, a visible uptick in customer churn, cause us to reevaluate our stance.”
Following this news, shares of Cloudera plummeted more than 40% in intraday trading on June 6, 2019, causing significant harm to investors.
If you invested in Cloudera and would like to speak privately with a securities attorney to learn more about our investigation and your legal rights, visit our website or contact our securities team directly at (888) 410-2925. Our investigation concerns whether Cloudera and certain of its officers and/or directors have violated federal securities laws.
Gibbs Law Group represents individual and institutional investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”
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