NEW YORK, April 14, 2020 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against Tufin Software Technologies Ltd. (“Tufin” or the “Company”) (NYSE: TUFN), and other defendants, alleging violations of federal securities laws related to the offering documents issued in connection with the Company’s April 2019 initial public offering (“IPO”). If you purchased Tufin securities you are encouraged to contact Scott+Scott attorney Jonathan Zimmerman for additional information at (888) 398-9312 or jzimmerman@scott-scott.com. If you have losses of over $100,000, you are encouraged to contact Scott+Scott regarding serving as lead plaintiff.
Tufin is incorporated in Israel, and develops, markets, and sells software-based solutions that enable enterprises to visualize, define, and enforce their security.
The lawsuit alleges that the IPO offering documents contained false and/or misleading statements and/or failed to disclose that: (1) Tufin’s customer relationships and growth metrics were overstated, particularly with respect to North America; (2) Tufin’s business was deteriorating, primarily in North America; and (3) as a result, Tufin’s representations regarding its sustainable financial prospects were overly optimistic.
On January 9, 2020, Tufin announced its true customer relationships with respect to North America and that it expected to report total revenue of $29.5 million to $30.1 million, down from the Company’s previous guidance of total revenue in the range of $34.0 million to $38.0 million.
Following this news, Tufin’s share price fell $4.14 per share, or over 24%, to close at $13.08 per share on January 9, 2020.
On April 8, 2020, Tufin’s shares closed at $8.52 per share, down nearly 40% from the IPO price of $14.00 per share.
What You Can Do
If you purchased Tufin securities, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312 or jzimmerman@scott-scott.com. The lead plaintiff deadline is June 5, 2020.
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.
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CONTACT:
Jonathan Zimmerman
Scott+Scott Attorneys at Law LLP
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(888) 398-9312
jzimmerman@scott-scott.com