NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York against Tufin Software Technologies Ltd. (“Tufin Software” 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”) and its December 2019 secondary public offering (the “SPO”). Investors have until September 18, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that the Registration Statement featured false and/or misleading registration statements and prospectuses in connection with both its IPO and its SPO. Specifically, the complaint alleges 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—all of which was known and concealed by Defendants at the time of the IPO and SPO.
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 $4.14 per share, or 24.04%, to close at $13.08 on January 9, 2020.
If you acquired Tufin Software securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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