OAKLAND, Calif.–(BUSINESS WIRE)–Tufin Software Technologies, Ltd. shares plummeted on January 9, 2020 after the company announced preliminary Q4 revenue and non-GAAP operating loss estimates, which significantly missed previous guidance. Gibbs Law Group is investigating a potential Tufin Software Class Action Lawsuit on behalf of investors who lost money in Tufin Software Technologies, Ltd. (NYSE: TUFN) stock.
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
On January 8, 2020, Tufin announced preliminary unaudited revenue and operating loss estimates for the fourth quarter, which came in well below the company’s previous guidance. Tufin’s CEO attributed the company’s revenue shortfall to “our inability to close a number of transactions, primarily in North America, that we anticipated would close but did not close by the end of the quarter.”
Specifically, Tufin announced a new expected total revenue of $29.5 million to $30.1 million, compared to the previous guidance of $34.0 million to $38.0 million. The company also announced an expected 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, Tufin Software’s stock price dropped nearly 25%, causing harm to investors.
Tufin Software conducted its initial public offering less than a year ago, in April 2019, selling 7.7 million shares of common stock at $14.00 per share.
What Should Tufin Software Investors Do?
If you invested in Tufin Software, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Tufin Software Technologies, Ltd. and certain of its officers and/or directors have violated federal securities laws.
About Gibbs Law Group
Gibbs Law Group represents individual and institutional investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Top Boutique Law Firms in California,” “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”
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