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Levi & Korsinsky, The Rosen Law Firm, P.A., and Pomerantz LLP Announce the Proposed Securities Class Action Settlement on Behalf of Purchasers of the Common Stock of Tufin Software Technologies Ltd. - TUFN

NEW YORK, Sept. 04, 2023 (GLOBE NEWSWIRE) -- Levi & Korsinsky, The Rosen Law Firm, P.A., and Pomerantz LLP announces that the United States District Court for the Southern District of New York has approved the following announcement of a proposed securities class action settlement that would benefit purchasers of Tufin Software Technologies Ltd. Common Stock (NYSE: TUFN):

SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT

TO:  ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED TUFIN SOFTWARE TECHNOLOGIES LTD. (“TUFIN”) COMMON STOCK PURSUANT AND/OR TRACEABLE TO TUFIN’S REGISTRATION STATEMENTS ISSUED IN CONNECTION WITH TUFIN’S APRIL 11, 2019 INITIAL PUBLIC OFFERING (“IPO”) AND/OR TUFIN’S DECEMBER 2, 2019 SECONDARY PUBLIC OFFERING (“SPO”) (THE “SETTLEMENT CLASS”): 1

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on December 1, 2023, at 2:00 p.m. before the Honorable Gregory H. Woods, United States District Judge of the Southern District of New York, Daniel Patrick Moynihan U.S. Courthouse, 500 Pearl Street, Courtroom 12C, New York, NY 10007 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for $2,000,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Plaintiffs’ Counsel for an award of attorneys’ fees of up to one-third plus interest of the Settlement Amount, reimbursement of expenses of not more than $150,000, and an Award to Plaintiffs of no more than $15,000 in total, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Settlement Stipulation. The Court reserves the right to hold the Settlement Hearing telephonically or by other virtual means.

If you purchased or otherwise acquired Tufin Software Technologies, Ltd. (“Tufin” or the “Company”) common stock in or pursuant and/or traceable to the Registration Statements issued in connection with Tufin’s April 11, 2019 IPO and/or the December 2, 2019 SPO, your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in Tufin common stock. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Long Notice”) and a copy of the Proof of Claim and Release Form, you may obtain copies by writing to or calling the Claims Administrator: Tufin Software Technologies Ltd. Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 205, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; info@strategicclaims.net. You can also download copies of the Long Notice and submit your Proof of Claim and Release Form online at www.strategicclaims.net/Tufin. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form to the Claims Administrator, either electronically no later than 11:59 p.m. EDT on November 3, 2023 or by first class mail postmarked no later than November 3, 2023, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.

If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than November 10, 2023, in the manner and form explained in the Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Settlement Stipulation.

___________________________

1 All capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Stipulation and Agreement of Settlement, dated July 7, 2023 (the “Settlement Stipulation”).

Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and Award to Plaintiffs must be in the manner and form explained in the detailed Notice and received no later than November 10, 2023, and must be mailed to each of the following:

Clerk of the Court United
States District Court
Southern District of New
York Daniel Patrick
Moynihan U.S. Courthouse
500 Pearl Street
New York, NY 10007
PLAINTIFFS' COUNSEL:

LEVI & KORSINSKY
Nicholas I. Porritt
Adam M. Apton
55 Broadway, 10th Floor
New York, NY 10006

THE ROSEN LAW FIRM, P.A.
Phillip Kim
275 Madison Avenue, 40th Floor
New York, NY 10016

POMERANTZ LLP
Patrick V. Dahlstrom
Christopher P.T. Tourek
10 South LaSalle Street, Suite 3505
Chicago, IL 60603
COUNSEL FOR DEFENDANTS

WHITE & CASE LLP
Kimberly A. Havlin
1221 Avenue of the Americas
New York, NY 10020

If you have any questions about the Settlement, you may call or write to Plaintiffs’ Counsel:

LEVI & KORSINSKY
Nicholas I. Porritt
Adam M. Apton
55 Broadway, 10th Floor
New York, NY 10006
Email: nporritt@zlk.com
Email: aapton@zlk.com

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

Dated: August 10, 2023 

 ________________________________
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK