Eileen works closely with investors in securities cases and has over a decade of experience in the legal world. She received her law degree from American University in 2005.
Cloudera Investor Lawsuit Investigation
NYSE: CLDR drops 40%, CEO resigns
Our attorneys are investigating a Cloudera class action lawsuit after shares of Cloudera, Inc. (NYSE: CLDR) dropped over 40% upon release of its earnings report. The report showed mixed first quarter earnings and a severe decline in projected annual revenue. The negative earnings report was coupled with the surprise resignation of Cloudera’s CEO. Many investors are angry at the company’s lack of transparency.
Cloudera, Inc. (CLDR) Stock Losses?
You may be eligible to recover your losses.
Cloudera Announces Failed Fiscal Quarter and Surprise Resignation of CEO; Stock Prices Plummet over 40%
On June 5th, Cloudera, Inc. released mixed first-quarter results for 2020 and lowered its full-year revenue forecast by over $90 million. The company then announced the surprise resignation of its CEO.
Needham’s Analyst, Jack Andrews, downgraded the stock by two notches and wrote
“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”
According to the Motley Fool, Cloudera is currently spending 63.7% of their revenue on sales and marketing; way above the 30-50% average for most software companies. However, these high spending rates do not match the company’s low growth rates. As a result, Citi’s Tyler Radke argued that there’s “still room for things to get worse.”
On this news, CLDR shares dropped over 40% and have yet to recover. Our firm will continue to investigate.
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