NEW YORK, May 20, 2020 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Tufin Software Technologies Ltd. ("Tufin" or the "Company") of the June 5, 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 pursuant and/or traceable to the Company's 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 would like to discuss your legal rights, click here: www.faruqilaw.com/TUFN. 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 protected].
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Tufin securities pursuant and/or traceable to the Company's Registration Statement issued in connection with the Company's April 2019 IPO. The case, William J. Allen v. Tufin Software Technologies Ltd. et al., No. 2:20-cv-03188 was filed on April 6, 2020, and has been assigned to Judge Fernando M. Olguin.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
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 expected 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 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.
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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Tufin's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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