Court Dismisses Cloudera Securities Class Action

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Court Dismisses Cloudera Securities Class Action for Second Time

In a 30-page opinion issued on Tuesday, Judge Maxine M. Chesney dismissed the shareholders’ securities law claims against Cloudera Inc. and its leaders and financial backers without leave to amend.
The court said that the 42 statements proffered as proof of the company’s misrepresentations about the viability of its storage and processing platform were inactionable as either not misleading, puffery, or protected, forward-looking statements. Likewise, the plaintiffs’ fraud claims failed to pass muster for inability to satisfy the securities laws’ falsity requirement.