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PANW.US
id: 1113

Palo Alto Networks (PANW) Missed Results & Guidance Case

N.D. California
Court
3:24-cv-01156
Case number
18 Aug 2023
Class period Start
20 Feb 2024
Class period End
26 Apr 2024
Lead Plaintiff motion deadline
  • $PANW stockholder filed a claim vs. Palo Alto Networks for overstating consolidation and platformization initiatives outcomes.
  • In February, the guidance cut caused $PANW to fall 28%, losing over $33.3B in shareholder value.
On February 20, 2024, Palo Alto Networks (PANW) reported disappointing Q2 2024 results and lowered its full-year billings and revenue guidance.
  • In an earnings call that same day, the Company's leaders 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.”
  • Palo Alto 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 Q3 and Q4 2024.
On this news, $PANW declined 28% and lost over $33.3 billion of its market capitalization, seriously damaging shareholders.

Considering all the representations, investors have reasons to suspect Palo Alto Networks of overstating consolidation and platformization initiatives outcomes, that led to investor losses when revealed.

The first affected investor already filed an initial claim vs. Palo Alto Networks in N.D. California court.
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
21 February 2024
Filing date
26 February 2024
Lead Plaintiff Deadline
26 April 2024
Judge
Hon. Charles R. Breyer
Collecting participants…

Palo Alto Networks Inc

Palo Alto Networks, Inc. provides cybersecurity solutions worldwide. The company offers firewall appliances and software; and Panorama, a security management solution for the global control of netw...

    Ticker
    PANW.US
    ISIN
    US6974351057
    CIK
    1327567
    Sector
    Technology
    Industry
    Software - Infrastructure
    Country
    USA
    Address
    3000 Tannery Way, Santa Clara, CA, United States, 95054