NEW YORK, Sept. 15, 2020 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, reminds investors that it filed a class action lawsuit against Tufin Software Technologies Ltd. (“Tufin” or the “Company”) (NYSE: TUFN), certain directors and officers of the Company, and the underwriters of Tufin’s April 2019 initial public offering (“IPO”) and its December 2019 secondary public offering (“SPO”). Lead plaintiff motions are due September 21, 2020. If you purchased Tufin stock, you are encouraged to contact a Scott+Scott attorney for additional information at (844) 818-6980 or rswartz@scott-scott.com.
Tufin is an Israeli company that develops, markets, and sells software and cloud-based security solutions primarily in the United States, Europe, and Asia.
The complaint alleges that Tufin and the other defendants issued false and misleading registration statements and prospectuses in connection with both the Company’s IPO and its SPO. Specifically, the complaint states that Defendants misled investors with respect to the Company’s North American business, customer relationships, and growth metrics, and the fact that Tufin’s business was deteriorating, and, as a result, Tufin’s representations regarding its sustainable financial prospects were overly optimistic.
On January 9, 2020, Tufin released preliminary unaudited revenue and non-GAAP operating loss estimates for the fourth fiscal quarter of 2019, revealing total revenue in the range of $29.5 million to $30.1 million, compared to its previous guidance of total revenue in the range of $34.0 million to $38.0 million, and an anticipated non-GAAP operating loss in the range of $1.1 million to $2.6 million, compared to the Company’s previous guidance of non-GAAP operating profit in the range of $0.0 million to $3.0 million. Tufin’s “inability to close a number of transactions, primarily in North America” was cited as the primary reason for Tufin’s revenue shortfall.
On this news, Tufin’s share price fell $4.14 per share, or 24.04%, to close at $13.08 per share on January 9, 2020.
What You Can Do
If you purchased Tufin stock and have questions about this notice or your legal rights, you are encouraged to contact Rhiana Swartz at (844) 818-6980 or rswartz@scott-scott.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
CONTACT:
Rhiana Swartz
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169-1820
(844) 818-6980
rswartz@scott-scott.com