An investigation on behalf of current long term investors in Tufin Software Technologies Ltd. (NYSE: TUFN) shares over possible breaches of fiduciary duty by certain officers and directors was announced.
San Diego, CA -- (SBWIRE) -- 04/27/2020 -- Certain directors of Tufin Software Technologies are under investigation concerning potential breaches of fiduciary duties.
Investors who are current long term investors in Tufin Software Technologies Ltd. (NYSE: TUFN) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm for investors in NYSE: TUFN stocks follows a lawsuit filed against Tufin Software Technologies Ltd. over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE: TUFN stocks, concerns whether certain Tufin Software Technologies Ltd. directors are liable in connection with the allegations made in that lawsuit.
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 the Offering Documents made false and/or misleading statements and/or failed to disclose that Tufin's customer relationships and growth metrics were overstated, particularly with respect to North America, that Tufin's business was deteriorating, primarily in North America, that as a result, Tufin's representations regarding its sustainable financial prospects were overly optimistic, and that as a result, the Offering Documents were materially false and/or misleading and failed to state information required to be stated therein.
Those who purchased shares of Tufin Software Technologies Ltd. (NYSE: TUFN) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , 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, investigation, and/or settlements are not filed/reached and/or 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.