NEW YORK, March 09, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Tufin Software Technologies Ltd. (“Tufin” or the “Company”) (NYSE: TUFN) pursuant and/or traceable to the Company’s initial public offering conducted on or about April 11, 2019 (the “IPO”).

The Complaint alleges that the Company held its IPO on April 11, 2019, offering its stock at $14.00 per share and raising approximately $107.8 million in capital. In the Company’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, the Company 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. The Company 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 the Company’s inability to close a number of transactions, primarily in North America.  The Company’s stock currently trades at around $11.50, representing a decline of almost 18% from its IPO price.

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 tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.