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KSF Appointed Lead Counsel in Cloudera Securities Litigation

On July 27, 2020, the Hon. Lucy H. Koh of the Northern District of California approved the selection of KSF as Lead Counsel for the putative class in In Re Cloudera Securities Litigation, No. 5:19-cv-3221 (N.D. Cal). Plaintiff alleges that, throughout the Class Period (April 28, 2017 through June 5, 2019, inclusive), Defendants made materially misleading statements about Cloudera’s cloud-based software products. Plaintiff also asserts that Defendants made misleading statements in connection with Cloudera’s merger with Hortonworks, which closed on January 3, 2019. When the truth was revealed, Cloudera’s share price dropped by $3.70 per share, losing 42% of its value, over a two-day period.