NEW YORK, Sept. 16, 2020 /PRNewswire/ -- Attorney Advertising -- 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") and its December 2019 secondary public offering ("SPO"). 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 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 to, 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.
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 September 18, 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.