NEW YORK--(BUSINESS WIRE)--Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Tufin Software Technologies Ltd. (“Tufin” or the Company”) (NYSE: TUFN) pursuant and/or traceable to the registration statement and related prospectus (collectively, the "Registration Statement") issued in connection with Tufin’s April 2019 initial public offering (the "IPO" or "Offering"). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/tufn.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.
The Complaint alleges that the Registration Statement featured 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.
In April 2019, Tufin completed its initial public offering (“IPO”), selling 7.7 million shares of common stock priced at $14.00 per share and raising approximately $107.8 million in capital. Then, on January 9, 2020, Tufin announced preliminary unaudited revenue and non-GAAP operating loss estimates for the fourth quarter ended December 31, 2019. Tufin announced that it expects to report 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 that Tufin 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. Following this news, Tufin’s stock dropped sharply.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/tufn or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Tufin you have until June 5, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.