Cloudera Inc. escaped a proposed class action suit Tuesday that alleged officers made misleading statements to investors about the company’s cloud capabilities.
The shareholders’ complaint was properly nixed because it failed to define “cloud native” and similar cloud-related terms while claiming Cloudera made false statements using those terms, the US Court of Appeals for the Ninth Circuit said.
The Northern District of California dismissed the investors’ complaint in 2022, saying the cloud-related terms weren’t shown to be false because they lacked a distinctive meaning during the challenged period of statements, which included two public offerings and a merger.
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