We are investigating Tufin Software Technologies Ltd. (TUFN) (“Tufin” or the “Company”) for potential violations of the federal securities laws. On or around April 10, 2019, Tufin conducted its initial public offering (“IPO”), issuing 7,700,000 million shares of stock priced at $14.00 per share. Then, on or around December 5, 2019, Tufin conducted a secondary public offering (“SPO”), issuing 4,279,882 shares of stock priced at $17.00 per share. On January 8, 2020, after the market closed, Tufin released its preliminary fourth quarter financial results for 2019 and announced significantly lowered financial expectations, specifically: (i) it expected to report total revenue in the range of $29.5 million to $30.1 million, lowered from its previous guidance of total revenue in the range of $34.0 million to $38.0 million; and (ii) it now anticipated non-Generally Accepted Accounting Principles (“GAAP”) operating loss in the range of $1.1 million to $2.6 million, compared to the previous guidance of non-GAAP operating profit in the range of $0.0 million to $3.0 million. The primary reason given for the revenue shortfall was Tufin’s “inability to close a number of transactions, primarily in North America, that [the Company] anticipated would close but did not close by the end of the quarter.” Following this news, Tufin’s stock price fell $4.14 per share, or approximately 24%, to close at $13.08 per share on January 9, 2020.