GlobeNewswire Inc | Aug 20, 2020 04:31PM EDT

August 20, 2020

NEW YORK, Aug. 20, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Guidewire Software, Inc. (Guidewire or the Company) (NYSE:GWRE). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Guidewire 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 March 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 million to $771 million to only $702 million to $714 million. In addition, Guidewire 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, Guidewire indicated that the Companys 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 Companys traditional on-premise products and had not adopted Guidewires cloud products.

On this news, Guidewires stock price fell $18.92 per share, or 16.82%, to close at $93.56 per share on March 5, 2020.

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. WilloughbyPomerantz LLPrswilloughby@pomlaw.com888-476-6529 ext. 7980