NEW YORK, July 27, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Guidewire Software, Inc. (“Guidewire” or the “Company”) (NYSE: GWRE) in the United States District Court for the Southern District of Texas on behalf of those who purchased or acquired the securities of Guidewire between March 6, 2019 and March 4, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Guidewire investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s transition to the cloud was not going well; (ii) the Company’s cloud-based products needed to be improved to meet customer needs and catch-up with rival systems; (iii) the Company’s failed transition to the cloud was also hurting its traditional on-premise business; and (iv) as a result, the Company’s revenue guidance, including guidance principally based on significantly increasing demand for the Company’s cloud-based products, was baseless and unattainable. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of Guidewire during the Class Period should contact the Firm prior to the September 23, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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