SAN
DIEGO, Feb. 29, 2024 /PRNewswire/ -- DiCello
Levitt LLP announces that purchasers or acquirers of Palo Alto
Networks, Inc. ("Palo Alto Networks" or the "Company") (NASDAQ:
PANW) common stock between August 18,
2023 through February 20,
2024, inclusive (the "Class Period"), have until
April 26, 2024 to seek appointment as
lead plaintiff of the Palo Alto Networks class action lawsuit. The
lawsuit charges Palo Alto Networks and certain of its senior
executive officers with violations of the Securities Exchange Act
of 1934.
If you purchased shares of Palo Alto Networks common stock
between August 18, 2023 through
February 20, 2024, and suffered
substantial losses, and you wish to serve as lead plaintiff in this
lawsuit, you may submit your information here:
https://dicellolevitt.com/securities/palo-alto-networks/
You can also contact DiCello Levitt partner Brian O'Mara by calling (888) 287-9005 or at
investors@dicellolevitt.com.
No Class Has Been Certified. Until a class is certified, you are
not represented by counsel unless you retain one. You may select
counsel of your choice. You may also remain an absent class member
and do nothing at this point. An investor's ability to share in any
potential future recovery is not dependent upon serving as lead
plaintiff.
Allegations
The Palo Alto Networks lawsuit alleges that during
the Class Period, Defendants misrepresented customer demand for the
Company's products and overstated the impact of certain business
initiatives. Contrary to Defendants' statements during the Class
Period: (i) Palo Alto Network's consolidation and so-called
"platformization" initiatives were not driving increased market
share to a significant degree; (ii) the Company needed to increase
platformization and free product offerings to entice customers to
adopt more of their platforms; (iii) the Company's high growth in
billings was not sustainable; (iv) new artificial intelligence
("AI") offerings were not facilitating greater platformization and
consolidation; and (v) based on the foregoing, Defendants lacked a
reasonable basis for their positive statements about customer
demand, billings, and platformization, as well as related financial
results, growth, and prospects.
The truth was revealed on February 20,
2024, when the Company slashed its third quarter and
full-year billings and revenue guidance, reporting expected
billings growth between 2%-4% and total revenue growth between
13%-15%. Defendant Nikesh Arora, the
Company's chief executive officer ("CEO"), 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." CEO Arora also revealed that
several large deals with the U.S. federal government did not close,
resulting 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 declined by $104.12 per share, or approximately 28%, to close
at $261.97 on February 21, 2024.
About DiCello Levitt
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clients through securities, class action, business-to-business,
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outcome.
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SOURCE DiCello Levitt LLP