U.S. Cybersecurity Stocks Shaken by Class Action Lawsuit… $170 Billion Vanished in a Day

Varonis Systems Inc. (NYSE: VRNS), a data security software provider, closed down 5.52% on the U.S. stock market at $21.55. Trading volume reached approximately 1.66 million shares, erasing about $130 million in market capitalization—roughly 170 billion KRW—in a single day and bringing its total market value to around $2.5 billion (just over 3 trillion KRW).

For fiscal year 2025, the company reported revenue of about $620 million (approximately 800 billion KRW) and a net loss of $130 million (around 170 billion KRW). A securities class-action lawsuit has been filed over the third-quarter 2025 earnings surprise, with the lead-plaintiff filing deadline having passed on March 9, 2026.

Meanwhile, Varonis won five Global Infosec Awards at the RSA Conference in March 2026 and, on April 3, launched its data security platform on the Salesforce AppExchange, further strengthening its AI- and CRM-integrated security offerings.

Founded in 2005 and headquartered in Miami, Florida, Varonis specializes in data security software that analyzes access permissions and user behavior across unstructured data and SaaS environments, automatically remediating excessive privileges and detecting anomalies. Recently, the company has expanded its portfolio with data security posture management, AI-driven security solutions and the acquisition of email security startups, positioning itself to capture growing data and AI security demand amid the rise of generative AI.