Shareholder Alert: Robbins LLP Announces Tufin Software Technologies Ltd. (TUFN) Sued for Misleading Shareholders
SAN DIEGO & RAMAT-GAN, Israel--(BUSINESS WIRE)--Mar 5, 2020--
Shareholder rights law firm Robbins LLP announces that a purchaser of Tufin Software Technologies Ltd. (NYSE: TUFN) filed a class action complaint against Tufin for alleged violations of the Securities and Exchange Act of 1933 pursuant to the Company’s April 2019 initial public offering (“IPO”). Tufin develops, markets, and sells software-based solutions primarily in the United States, Europe, and Asia.
If you suffered a loss as a result of Tufin’s misconduct, click here.
Tufin Software Technologies Ltd. (TUFN) Accused of Inflating its IPO Price
According to the complaint, Tufin held its IPO on April 11, 2019, offering its stock at $14.00 per share and raising approximately $107.8 million in capital. In Tufin’s offering documents, the Company lauded increased revenues from the Americas of $48.27 million for 2018, primarily in the United States, and touted strong customer relationships and technology products as part of its growth strategy, which it claimed would continue to enable growth opportunity with global 2000 customers. Then, on January 9, 2020, Tufin announced that it expected 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. Tufin also revealed anticipated non-GAAP operating loss in the range of $1.1 million to $2.6 million compared to its previous guidance of non-GAAP operating profit of up to $3 million, citing Tufin’s inability to close a number of transactions, primarily in North America. Tufin’s stock currently trades at around $11.50, representing a decline of almost 18% from its IPO price.
Tufin Software Technologies Ltd. (TUFN) Shareholders Have Legal Options
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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SOURCE: Robbins LLP
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PUB: 03/05/2020 01:37 PM/DISC: 03/05/2020 01:37 PM