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.

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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.

cloudera stock price drop leading to CLDR lawsuit

Our Securities Lawyers Have a Winning Record Against Companies Like Cloudera, Inc.

Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Read more about our results.

You “shouldn’t presume that powerful banks and other powerful interests can just get away with doing bad things. Good, qualified counsel that are committed to a cause can usually figure out how to prosecute such cases effectively and prevail.”

Eric Gibbs, award-winning securities attorney

Praise from the Courts

Federal judge in our AT&T class action:

“I’ve always found them to be extraordinary counsel in terms of their preparation and their professionalism.”

Federal judge in our Chase lawsuit (resulting in $100 million settlement):

They “fought tooth and nail, down to the wire” to achieve “the best settlement that they could under the circumstances.”

Read more about what judges say about us.

Michael Schrag

Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.

Eileen Epstein

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.

David Stein

David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.

Amanda Karl

Amanda is spearheading a securities lawsuit against NantHealth concerning fraudulent statements to investors about the success of its key product.

About Gibbs Law Group

Gibbs Law Group is a California-based law firm committed to protecting the rights of clients nationwide who have been harmed by corporate misconduct. We represent individuals, whistleblowers, employees, and small businesses across the U.S. against the world’s largest corporations. Our award-winning lawyers have achieved landmark recoveries and over a billion dollars for our clients in high-stakes class action and individual cases involving consumer protection, data breach, digital privacy, and federal and California employment lawsuits. Our attorneys have received numerous honors for their work, including “Top Plaintiff Lawyers in California,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” “Best Lawyers in America,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”