NEW YORK, April 12, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Palo Alto Networks, Inc. ("Palo Alto Networks" or the "Company") (NASDAQ: PANW). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Palo Alto Networks and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until April 26, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Palo Alto Networks securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On February 20, 2024, Palo Alto Networks announced its financial results for the second quarter of 2024 and lowered its third quarter and full-year billings and revenue guidance, with expected billings growth between 2-4% and total revenue growth between 13-15%. In an earnings call on the same day, Chief Executive Officer Nikesh 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." Arora also revealed that U.S. federal government deals for several large projects did not close and resulted in "a significant shortfall in our U.S. federal government business" that is expected to continue into the third and fourth quarters of 2024. Arora further claimed, "[t]he situation started off towards the end of Q1 were worsened in Q2."
On this news, Palo Alto Networks' stock price fell $104.12 per share, or 28.44%, to close at $261.97 per share on February 21, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
