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Guidewire Software, Inc.

Company NameGuidewire Software, Inc.
Stock SymbolGWRE
Class PeriodMarch 06, 2019 to March 04, 2020
Lead Plaintiff Motion DeadlineSeptember 23, 2020

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.  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 Company’s share price fell $18.92 per share, or over 16%, to close at $93.56 per share on March 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 Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company’s transition to the cloud was not going well; (2) that Guidewire’s cloud-based products needed to be improved to meet customer needs and catch-up with rival systems; (3) that the Company’s transition to the cloud was also hurting Guidewire’s traditional on-premise business; and (4) as a result, Guidewire’s revenue guidance, including guidance principally based on significantly increasing demand for the Company’s cloud-based products, was baseless and unattainable.

 

 

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