Pomerantz LLP announces that the United States District Court for the Northern District of California has approved the following announcement of a proposed class action settlement that would benefit purchasers of securities of Hortonworks, Inc.
SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION AND SETTLEMENT HEARING
TO: ALL PERSONS AND ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED HORTONWORKS, INC. (“HORTONWORKS”) COMMON STOCK (STOCK SYMBOL: HDP) BETWEEN AUGUST 5, 2015 AND JANUARY 15, 2016, INCLUSIVE (THE “SETTLEMENT CLASS PERIOD”).
YOU ARE HEREBY NOTIFIED, pursuant to Federal Rule of Civil Procedure 23 and an Order of the United States District Court for the Northern District of California, that a proposed settlement has been reached in this action. A hearing will be held on September 22, 2017, at 10:00 a.m., before the Honorable Susan Illston, United States District Judge, at the courthouse for the United States District Court, Northern District of California Courtroom 1, 17th Floor, 450 Golden Gate Avenue, San Francisco, CA 94102.
The purpose of the hearing is to determine, among other things: (1) whether the proposed Settlement of the Class claims against the Settling Defendants Hortonworks, Inc. (“Hortonworks”), Robert G. Bearden (its Chairman and Chief Executive Chairman), and Scott J. Davidson (its Chief Financial Officer) for a total consideration of one million one hundred thousand dollars ($1,100,000.00) should be approved as fair, reasonable and adequate; (2) whether the Plan of Allocation is fair and reasonable, and should be approved; (3) whether the application by Lead Counsel for an award of attorneys’ fees and expenses should be approved; (4) whether Plaintiffs’ request for a compensatory award should be granted; and (5) whether the Action should be dismissed with prejudice against the Settling Defendants as set forth in the Stipulation of Settlement (the “Stipulation”) filed with the Court.
Lead Counsel representing Plaintiffs and the Settlement Class is Matthew L. Tuccillo, Pomerantz LLP, 600 Third Avenue, 20th Floor, New York, NY 10016, (212) 661-1100.
If you purchased or otherwise acquired Hortonworks common stock between August 5, 2015 and January 15, 2016, both dates inclusive (the “Settlement Class Period”), your rights may be affected by this Action and the Settlement thereof. If you have not received the detailed Notice of Pendency and Proposed Settlement of Class Action, Motion For Attorneys’ Fees and Expenses, and Settlement Fairness Hearing (the “Notice”) and Proof of Claim and Release Form (the “Proof of Claim”), you may obtain them free of charge by downloading them at www.strategicclaims.net/hortonworks or by contacting the Claims Administrator via the information set forth below.
If you are a member of the Settlement Class and wish to share in the Settlement proceeds, you must submit a Proof of Claim postmarked no later than August 18, 2017, establishing that you are entitled to recovery. As further described in the Notice, you will be bound by any Judgment entered in the Action, regardless of whether you submit a Proof of Claim, unless you exclude yourself from the Class, in accordance with the procedures set forth in the Notice, postmarked no later than August 18, 2017. Any objections to the Settlement, Plan of Allocation or Lead Counsel’s application for attorneys’ fees and expenses must be filed and served, in accordance with the procedures set forth in the Notice, to be received no later than September 1, 2017.
The Settlement Class excludes the Settling Defendants and their immediate family members; any officer or director of Hortonworks during the Class Period; any entity in which any Settling Defendant has, or had during the Class Period, a controlling interest; and the heirs, successors-in-interest, or assigns of any excluded person.