Investor:  Software Developer Misrepresented Demand For Cloud-Based Products

(July 29, 2020, 10:56 AM EDT) -- SAN FRANCISCO — A provider of enterprise-level software for the property and casualty (P&C) insurance industry and certain of its current and former executive officers violated federal securities law by misrepresenting to investors that demand for the company's cloud-based products was "robust" even though its products were in need of extensive improvement to compete with industry competitors, a union pension fund argues in a securities class action complaint filed July 24 in California federal court (Sheet Metal Workers Local 19 Pension Fund v. Guidewire Software Inc., et al., No. 20-5038, N.D. Calif.)....

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