Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Tufin Software Technologies Ltd. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Tufin Software Technologies Ltd. (“Tufin” or the “Company”) (NYSE:TUFN) of the September 21, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Tufin stock or options in the Company’s April 2019 IPO and/or December 2019 SPO pursuant and/or traceable to the misleading Offering Documents, and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who Tufin stock or options in the Company’s April 2019 Initial Public Offering (“IPO”) and/or December 2019 Secondary Public Offering (“SPO”) pursuant and/or traceable to the misleading Offering Documents (the “Offerings”). The case, Ellison v. Tufin Software Technologies Ltd. et al., No. 1:20-cv-05646 was filed on July 21, 2020 and has been assigned to Judge Gregory H. Woods.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by misleading investors with respect to the Company’s North American business, customer relationships and growth metrics, the nature of the Company’s deteriorating business, and the Company’s representations of its financial prospects—all of which was known to, and concealed by, Defendants at the time of the IPO and SPO.
Specifically, 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, the Company's stock price fell from $17.22 per share on January 8, 2020 to $13.08 per share on January 9, 2020: a $4.14 or 24.04% drop.
Tufin Software Technologies Ltd. (TUFN)
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Filed on 03/05/2020
Lead Plaintiff Deadline 09/21/2020
685 Third Avenue 26th Floor
10017 New York, New York
Phone (212) 983-9330
Fax (212) 983-9331
Richard W. Gonnello firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331