Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
Our firm is investigating possible legal claims on behalf of Tufin Software investors. On January 9th, Tufinstock dropped 24% after the company announced preliminary Q4 revenue and non-GAAP operating loss estimates, which drastically missed its previous guidance. We are investigating whether Tufin and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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TUFN Stock News: Tufin Software Technologies plummets 24%
On January 9th, 2020, Tufin Software stock plummeted 24% after the company announced unaudited revenue and non-GAAP operating loss estimates for the fourth quarter. These estimates came in significantly below the companies previous guidance.
While the company previously estimated total revenue in the range of $34.0 million to $38.0 million, the new revenue estimates were in the range of $29.5 million to $30.1 million. Similarly, previous guidance for non-GAAP operating profit was estimated in the range of $0.0 million to $3.0 million. Now, the company estimates a Non-GAAP operating loss of $1.1 million to $2.6 million.
According to the company’s announcement, the reason for the revenue shortfall is “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.”
Tufin shares, which were originally priced at $14 per share in April 2019 at the initial public offering (IPO), dropped to nearly $13 per share on January 9th, significantly harming investors.
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