Palo Alto Networks Inc. Class Action Lawsuit - PANW

12 days left to seek lead plaintiff status

Case Summary

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The Palo Alto Networks class action lawsuit seeks to represent purchasers or acquirers of Palo Alto Networks Inc. (NASDAQ: PANW) common stock between August 18, 2023 and February 20, 2024, inclusive (the “Class Period”).  Captioned Schlaegel v. Palo Alto Networks Inc., No. 24-cv-01156 (N.D. Cal.), the Palo Alto Networks class action lawsuit charges Palo Alto Networks and certain of Palo Alto Networks’ top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Palo Alto Networks class action lawsuit, please provide your information in the form on this page.  You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.  Lead plaintiff motions for the Palo Alto Networks class action lawsuit must be filed with the court no later than April 26, 2024.

CASE ALLEGATIONS: Palo Alto Networks is a multinational cybersecurity company that offers an enterprise cybersecurity platform for network security, cloud security, and various cloud-delivered security.

The Palo Alto Networks class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Palo Alto Networks’ consolidation and platformization initiatives were not driving increased market share to a significant degree; (ii) Palo Alto Networks would need to ramp up platformization and free product offerings to entice customers to adopt more of their platforms; (iii) Palo Alto Networks’ high growth in billings was not sustainable; and (iv) Palo Alto Networks’ new AI offerings were not facilitating greater platformization and consolidation.

The Palo Alto Networks class action lawsuit further alleges that on February 20, 2024, Palo Alto Networks drastically reduced its billings guidance for the third quarter, reporting expected total billings growth of 2-4% and revenue growth of between 13-15%, which Palo Alto Networks CEO, defendant Nikesh Arora, revealed was a result of accelerated platformization and consolidation and “activating our AI leadership.”  The complaint further alleges that defendant 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.  On this news, the price of Palo Alto Networks common stock fell more than 28%, according to the complaint. 

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Palo Alto Networks common stock during the Class Period to seek appointment as lead plaintiff in the Palo Alto Networks class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Palo Alto Networks class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Palo Alto Networks class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Palo Alto Networks class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list.  And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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