February 4, 2021 - A consolidated complaint was filed.

July 21, 2020 - An investor in shares of Tufin Software Technologies Ltd. (NYSE: TUFN) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Tufin Software Technologies Ltd. in connection with certain allegedly false and misleading statements made in connection with Tufin's April 2019 initial public offering ( IPO ) and its December 2019 secondary public offering ( SPO ). Israel based Tufin Software Technologies Ltd. develops, markets, and sells software-based solutions primarily in the United States, Europe, and Asia. Tufin Software Technologies Ltd. Reported that its annual Total Revenue rose from $64.54 million in 2017 to $84.98 million in 2018, and that its Net Loss increased from $2.79 million in 2017 to $4.426 million in 2018.

On or about April 11, 2019, Tufin Software Technologies Ltd sold 7.7 million shares of stock in its initial public stock offering (the IPO ), at $14.00 a share raising $107,800,000 in new capital.

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%.

According to the complaint the plaintiff alleges on behalf of purchasers of Tufin Software Technologies Ltd. (NYSE: TUFN) common shares, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that Defendants violated provisions of the Securities Act by issuing false and misleading registration statements and prospectuses in connection with both its IPO and its SPO. Specifically, the complaint states that Defendants misled investors with respect to the Company's North American business, customer relationships and growth metrics, and the fact that Tufin's business was deteriorating, and, as a result, Tufin's representations regarding its sustainable financial prospects were overly optimistic—all of which was known to, and concealed by, Defendants at the time of the IPO and SPO.