NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the New York State Court on behalf of investors that purchased Tufin Software Technologies, Inc. (NYSE: TUFN) securities pursuant or traceable to the Company’s initial public offering, which commenced on or about April 11, 2019 (the “IPO” or “Offering”).
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On or about April 11, 2019, Tufin sold 7.7 million shares of stock in its initial public stock offering (the “IPO”) at $14.00 per share, raising $107,800,000 in new capital.
On January 9, 2020, the Company announced preliminary unaudited revenue and non-GAAP operating loss estimates for the fourth quarter ended December 31, 2019. Tufin expects to report total revenue in the range of $29.5 million to $30.1 million, compared to the company’s previous guidance of total revenue in the range of $34.0 million to $38.0 million. The Company now anticipates 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.
On this news, the price of Tufin stock decreased $4.14 per share, to close at $13.09 per share on January 9, 2020.
The complaint, filed on February 26, 2020, alleges that the offering documents for the IPO were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. Specifically, the lawsuit claims the offering documents made 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; (3) as a result, Tufin’s representations regarding its sustainable financial prospects were overly optimistic; and (4) as a result, the offering documents were materially false and/or misleading and failed to state information required to be stated therein.
If you purchased Tufin securities pursuant or traceable to the IPO, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
