SAN DIEGO, June 10, 2023 /PRNewswire/ -- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of SentinelOne, Inc. (NYSE: S) securities between June 1, 2022 and June 1, 2023, both dates inclusive (the "Class Period") have until August 7, 2023 to seek appointment as lead plaintiff of the SentinelOne class action lawsuit. Captioned Johansson v. SentinelOne, Inc., No. 23-cv-02786 (N.D. Cal.), the SentinelOne class action lawsuit charges SentinelOne and certain of its 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 SentinelOne class action lawsuit, please provide your information here:
CASE ALLEGATIONS: SentinelOne is a cybersecurity company that uses machine learning for monitoring personal computers, Internet of Things devices, and cloud workloads.
The SentinelOne class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) SentinelOne lacked effective internal controls over accounting and financial reporting; (ii) as a result, SentinelOne's Annualized Recurring Revenue ("ARR") was overstated; and (iii) consequently, SentinelOne's guidance was overstated.
On June 1, 2023, SentinelOne disclosed that "[a]s a result of a change in methodology and correction of historical inaccuracies, . . . we made a one-time adjustment to ARR of $27.0 million or approximately 5% of total ARR." SentinelOne also revised its fiscal year 2024 revenue guidance downward to a range of $590 million to $600 million from a range of $631 million to $640 million. SentinelOne further explained that "we . . . discovered historical upsell and renewal recording inaccuracies relating to ARR on certain subscription and consumption contracts, which are now corrected" and that "[w]e are applying a comparable estimated adjustment to the remaining quarters in fiscal year '23, which we believe is a reasonable approximation of the impact in those periods." On this news, the price of SentinelOne stock declined more than 35%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired SentinelOne securities during the Class Period to seek appointment as lead plaintiff of the SentinelOne 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 SentinelOne class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the SentinelOne class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the SentinelOne class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller 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 9 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. Please visit the following page for more information:
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Robbins Geller Rudman & Dowd LLP
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SOURCE Robbins Geller Rudman & Dowd LLP
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