According to the Complaint, Tufin Software Technologies Ltd. develops, markets, and sells software-based solutions primarily in the United States, Europe, and Asia. It offers SecureTrack, SecureChange, and SecureApp products that enable enterprises to visualize, define, and enforce their security policy across heterogeneous networks, on premise and in the cloud. The Company also provides Orca and Iris products, which provide cloud-based security automation solutions in response to the growth of containers and cloud-native environments.
In April 2019, Defendants held the IPO, issuing approximately 7.7 million ordinary shares to the investing public at $14.00 per share, pursuant to the Registration Statement.
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) following the Exchange Offer, reduced public float and the threat of the Call Right began depressing the price of CVRR units, more than offsetting favorable financial results; (2) as the price for CVRR units stagnated, and more than 90 days had passed since expiration of the Exchange Offer, Defendants announced that they were "considering" exercising the Call Right to further drive down the unit price; and (3) once the price of CVRR units had substantially declined, Defendants exercised the Call Right, which price was based on the (manipulated) 20-day trading average of CVRR units. When the true details entered the market, the lawsuit claims that investors suffered damages.
This case was voluntarily dismissed on April 27, 2020.