NEW YORK, Feb. 27, 2024 (GLOBE NEWSWIRE) -- – Bernstein Liebhard LLP:
- Do you, or did you, own shares of Palo Alto Networks, Inc. (NASDAQ: PANW)?
- Did you purchase your shares between August 18, 2023 and February 20, 2024, inclusive?
- Did you lose money in your investment in Palo Alto Networks, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of Palo Alto Networks, Inc. (“Palo Alto Networks” or the “Company”) (NASDAQ: PANW) between August 18, 2023 and February 20, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Palo Alto Networks common stock, and/or would like to discuss your legal rights and options please visit Palo Alto Networks Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Palo Alto Networks is a multinational cybersecurity company that offers platforms for network and cloud security. 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 that: (1) the Company’s initiatives were not increasing its market share; (2) the Company would need to increase free product offerings so that customers would adopt more of the Company’s products; (3) the Company’s growth was unsustainable; and (4) new AI offerings were not facilitating greater platformization and consolidation.
After the market closed on February 20, 2024, Palo Alto Networks announced its financial results for the second quarter of fiscal year 2024, and substantially lowered its billings and revenue guidance. In an earnings call on the same day, Defendant Arora explained that “our guidance is a consequence of us driving a shift in our strategy in wanting to accelerate both our platformization and consolidation and activating our AI leadership.” Defendant Arora also revealed that several potential government deals did not close, resulting in “a significant shortfall in our U.S. federal government business.”
On this news, Palo Alto Networks’ stock price fell $104.12, or over 28%, to close at $261.97 per share on February 21, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than April 26, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Palo Alto Networks common stock, and/or would like to discuss your legal rights and options please visit Palo Alto Networks Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
