NEW YORK, July 27, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Tufin Software Technologies Ltd. ("Tufin" or the "Company") (NYSE: TUFN). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Tufin and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around April 10, 2019, Tufin conducted its initial public offering ("IPO"), issuing 7,700,000 million shares of stock priced at $14.00 per share. Then, on or around December 5, 2019, Tufin conducted a secondary public offering ("SPO"), issuing 4,279,882 shares of stock priced at $17.00 per share.
On January 8, 2020, after the market closed, Tufin released its preliminary fourth quarter financial results for 2019 and announced significantly lowered financial expectations, specifically: (i) it expected to report total revenue in the range of $29.5 million to $30.1 million, lowered from its previous guidance of total revenue in the range of $34.0 million to $38.0 million; and (ii) it now anticipated non-Generally Accepted Accounting Principles ("GAAP") operating loss in the range of $1.1 million to $2.6 million, compared to the previous guidance of non-GAAP operating profit in the range of $0.0 million to $3.0 million. The primary reason given for the revenue shortfall was Tufin's "inability to close a number of transactions, primarily in North America, that [the Company] anticipated would close but did not close by the end of the quarter."
Following this news, Tufin's stock price fell $4.14 per share, or approximately 24%, to close at $13.08 per share on January 9, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP