GlobeNewswire Inc | Sep 21, 2020 12:30PM EDT

September 21, 2020

LOS ANGELES, Sept. 21, 2020 (GLOBE NEWSWIRE) --

Glancy Prongay & Murray LLP (GPM) reminds investors of the upcomingSeptember 23, 2020deadline to file a lead plaintiff motion in the class action filed on behalf of Guidewire Software, Inc. ("Guidewire" or the "Company") (NYSE: GWRE) common stock between March 6, 2019 and March 4, 2020, inclusive (the Class Period).

If you suffered a loss on your Guidewire investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/guidewire-software-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

OnMarch 4, 2020, Guidewire announced its financial results for the second quarter of fiscal year 2020 and slashed its full-year revenue guidance by$57 million, from a range of$759 millionto$771 millionto only$702 millionto$714 million. Additionally, the Company cut its Annual Recurring Revenue guidance from a range of 14% to 16%, down to 11% to 12% for the third quarter of 2020.During the accompanying earnings conference call, the Company specified that the Company's cloud products needed to be improved in order to meet customer needs and successfully compete against rival systems, and also revealed that a large swath of Guidewire customers no longer wanted the Company's traditional on-premise products and had not adopted Guidewire's cloud products.

On this news, the Companys share price fell $18.92 per share, or over 16%, to close at$93.56per share onMarch 5, 2020.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Companys transition to the cloud was not going well; (2) that Guidewires cloud-based products needed to be improved to meet customer needs and catch-up with rival systems; (3) that the Companys transition to the cloud was also hurting Guidewires traditional on-premise business; and (4) as a result, Guidewires revenue guidance, including guidance principally based on significantly increasing demand for the Companys cloud-based products, was baseless and unattainable.

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If you purchased or otherwise acquired Guidewire common stock during the Class Period, you may move the Court no later thanSeptember 23, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish tolearn moreabout this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts Glancy Prongay & Murray LLP, Los Angeles Charles Linehan, 310-201-9150 or 888-773-9224 shareholders@glancylaw.comwww.glancylaw.com