A lawsuit was filed for investors in shares of Hortonworks, Inc. (NASDAQ: HDP) in connection with the proposed takeover and NASDAQ: HDP stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/26/2018 -- The Shareholders Foundation announces that an investor, who currently holds shares of Hortonworks, Inc. (NASDAQ: HDP), filed a lawsuit against the takeover of Hortonworks, Inc.
Investors who purchased shares of Hortonworks, Inc. (NASDAQ: HDP) and currently hold any of those Hortonworks, Inc. (NASDAQ: HDP shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: HDP stockholders by agreeing to sell Hortonworks, Inc. cheaply via an unfair process.
On October 3, 2018, Cloudera, Inc. (NYSE: CLDR) and Hortonworks, Inc. (Nasdaq: HDP) jointly announced that they have entered into an agreement under which the companies will combine in an all-stock merger of equals. Under the terms of the transaction agreement, Hortonworks stockholders will receive 1.305 common shares of Cloudera for each share of Hortonworks stock owned. Based on a closing price of $16.90 of NYSE: CLDR shares on October 2, 2018, shareholders of Hortonworks, Inc. (NASDAQ: HDP) will receive a value of approximately $22.05 per NASDAQ: HDP share.
However, plaintiff claims that the proposed consideration NASDAQ: HDP shareholders will receive is grossly inadequate and undervalues the Hortonworks, Inc. Indeed, at least one analyst has set the price for NASDAQ: HDP shares at $31 per share
In addition, the plaintiff alleges that the process is also unfair Hortonworks, Inc stockholders. Indeed, directors and executive officers of Cloudera and Hortonworks, as well as affiliated entities, have each already agreed to vote shares held by them in favor of the transaction.
Those who are current investors in Hortonworks, Inc. (NASDAQ: HDP) shares have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.