Varonis(US:VRNS) Globenewswire·2026-03-09 14:54Core Viewpoint - A securities class action lawsuit has been filed against Varonis Systems, Inc. and certain executives, alleging that they concealed significant issues in the company's Federal vertical and legacy on-premises business while promoting a successful transition to a Software-as-a-Service (SaaS) model [1][2]. Company Performance and Allegations - The lawsuit claims that Varonis executives misrepresented the company's ability to convert existing customers to the SaaS model, stating they were "well on our way" to a SaaS future, while the reality showed struggles in the Federal renewal cycle [5][9]. - Following a disclosure on October 28, 2025, Varonis reported a 63.9% year-over-year decline in term license revenue and reduced its Annual Recurring Revenue (ARR) outlook, leading to a 48% drop in stock price from $63.00 to $32.34, resulting in a loss of approximately $3.8 billion in market value [3][9]. Investor Actions - Hagens Berman is encouraging investors who suffered losses during the class period (February 4, 2025 – October 28, 2025) to submit their claims, with a lead plaintiff deadline set for March 9, 2026 [4][7][8].