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NEW YORK, Nov. 14, 2022 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Varonis Systems, Inc. (“Varonis” or the “Company”) (NASDAQ: VRNS). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Varonis and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On October 31, 2022, Varonis issued a press release announcing the Company’s financial results for the third quarter of 2022. Among other items, Varonis reported earnings per share of $0.05 on revenue of $123.3 million, which fell short of analysts’ estimates of earnings per share of $0.06 on revenue of $124.4 million. Varonis further state that it expects fourth-quarter earnings per share of $0.17 to $0.18, on revenue in a range of $139 million to $142 million, significantly lower than consensus estimates of earnings per share of $0.22 on $155.6 million in revenue. Speaking on a conference call, Varonis’s Chief Executive Office Yaki Faitelson said “the continued effect of the war in the Ukraine, the energy crisis and general economic slowdown were more impactful than we expected” upon the Company’s business.
On this news, Varonis’s stock price fell $9.50 per share, or 35.49%, to close at $17.27 per share on November 1, 2022.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
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