Guidewire provides enterprise-level software systems for the property and casualty (“P&C”) insurance industry. During the Class Period, Defendants represented to investors that Guidewire was well-positioned to capitalize on a shift in the P&C insurance industry away from on-premise software systems to software systems provided over the cloud. Defendants touted the “robust” demand that existed for Guidewire’s cloud-based products and assured investors that customer demand was “enduring and broad-based across most or all segments of the market.” Defendants further touted the demand for Guidewire’s cloud offering by reporting, at the end of each quarter, that cloud sales represented a substantial and growing percentage of the Company’s overall sales. The Company also issued highly favorable revenue and Annual Recurring Revenue (“ARR”) guidance, and assured investors that customer demand remained strong across the Company’s entire product offering, including its legacy on-premise business.
The lawsuit filed on behalf of investors alleges that Guidewire Software through its executives misled investors concerning the demand for Guidewire’s cloud products. Importantly the complaint alleges that demand for the Company’s cloud products was weak and the Company’s transition to the cloud was not going well because Guidewire’s cloud-based products needed to be significantly improved to meet customer needs and catch-up with rival systems.
Guidewire Software, Inc.
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