TENABLE HOLDINGS, INC. INVESTIGATION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP is investigating potential securities fraud claims on behalf of the shareholders of Tenable Holdings, Inc.
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NEW YORK, NY – May 8, 2023 – Wolf Haldenstein Adler Freeman & Herz LLP announces that it is investigating potential claims against Tenable Holdings, Inc. (“Tenable” or the “Company”) (NASDAQ: TENB) on behalf of Tenable Holdings, Inc. stockholders. Our investigation concerns whether Tenable has violated the federal securities laws.
If you purchased Tenable Holdings, Inc. shares and suffered losses, please call Gregory Stone at (800) 575-0735 or (212) 545-4774 or email firstname.lastname@example.org.
Tenable provides cyber exposure solutions in the Americas, Europe, Middle East, Africa, Asia Pacific and Japan. Its platforms include Tenable.io, a cloud-delivered software as a service that provides organizations with a risk-based view of traditional and modern attack surfaces; and Tenable.cs, a cloud-native cloud security solution for security teams to continuously assess the security posture, among others.
In the preceding quarter, management represented that the Company, “[a]s the market leader in vulnerability management, we’re seeing great demand in the market, including new customer acquisition, renewals and expansions.” Management boasted that “[o]ur years of leadership in VM has put Tenable in a great position to target bigger, more strategic deals as customers continue to move beyond traditional VM to understand and reduce their cyber risk.”
After market close, on April 24, 2023, the Company announced its first quarter earnings results, but revealed ongoing, but slowing growth. Revenue climbed 18% year-over-year to $189 million with current billings posting a 13% gain. Full-year guidance was tepid with just $775 million to $785 million in revenue, which would represent annual sales growth of 15% or less, and guided billings of $875-$885 million. Both figures missed street estimates.
After the earnings announcements, analysts at Barclays and Wells Fargo lowered their price targets on Tenable.
On the earnings conference call, management explained that the “guidance does reflect a slightly shorter contract duration due to fewer than expected multiyear prepaid deals,” “a lower net dollar expansion rate for the rest of the year” and that Tenable was “navigating some near-term macro headwinds” that would cause “new businesses … [to] take longer to close over the remainder of the year.”
On this news, the Company’s stock price declined from an April 24, 2023 closing price of $45.45 down to $36.73 at close on April 25, 2023, a decline of 19%.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this investigation or have any questions regarding your rights and interests in this matter, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at email@example.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org or email@example.com
Tel: (800) 575-0735 or (212) 545-4774