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Lawsuit filed for Investors in shares of Tufin Software Technologies Ltd. (NYSE: TUFN)

07-29-2020 04:09 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Tufin Software Technologies Ltd. (NYSE: TUFN) shares.

A lawsuit was filed on behalf of investors in Tufin Software Technologies Ltd. (NYSE: TUFN) shares.

An investor, who purchased shares of Tufin Software Technologies Ltd. (NYSE: TUFN), filed a lawsuit over alleged violations of Federal Securities Laws by Tufin Software Technologies Ltd. in connection with certain allegedly false and misleading statements made in connection with Tufin's April 2019 initial public offering ("IPO") and its December 2019 secondary public offering ("SPO")

Investors who purchased shares of Tufin Software Technologies Ltd. (NYSE: TUFN) have certain options and for certain investors are short and strict deadlines running. Deadline: September 21, 2020. NYSE: TUFN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Israel based Tufin Software Technologies Ltd. develops, markets, and sells software-based solutions primarily in the United States, Europe, and Asia. On or about April 11, 2019, Tufin Software Technologies Ltd sold 7.7 million shares of stock in its initial public stock offering (the "IPO"), at $14.00 a share raising $107,800,000 in new capital.

On January 9, 2020, Tufin Software Technologies Ltd announced preliminary unaudited revenue and non-GAAP operating loss estimates for the fourth quarter ended December 31, 2019. Tufin Software Technologies Ltd expects to report total revenue in the range of $29.5 million to $30.1 million, compared to the company's previous guidance of total revenue in the range of $34.0 million to $38.0 million. The Company 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, on January 9, 2020, in pre-market trading, the stock was trading down over 25%.

The plaintiff claims that Defendants violated provisions of the Securities Act by issuing false and misleading registration statements and prospectuses in connection with both its IPO and its SPO. Specifically, the complaint states 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.

Those who purchased shares of Tufin Software Technologies Ltd. (NYSE: TUFN) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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