NEW YORK - (NewMediaWire) - July 24, 2020 - 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, 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@example.com.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
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 Southern District of New York on behalf of all those who purchased 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.
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.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.