Tufin Software Investors Say Offering Documents Misled Them

Tufin Software Technologies Ltd. misled investors about its customer relationships and growth metrics during its 2019 public offerings, a suit filed in New York federal district court said.

The network security company filed a registration statement with the Securities and Exchange Commission for its initial public offering in March 2019 and for a secondary offering in December 2019. But the offering documents overstated how strong its customer relationships were and how much it was growing, investors told the U.S. District Court for the Southern District of New York on Tuesday.

Tufin didn’t disclose that its business was actually “deteriorating, especially ...