Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, is reminding investors that the deadline to move for lead plaintiff in a securities class action lawsuit against SentinelOne Inc. (NYSE: S) (“SentinelOne” or the “Company”) and certain other defendants (collectively, “Defendants”) is August 7, 2023.
The action, which was filed in the U.S. District Court for the Northern District of California asserts claims under §§10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) on behalf of a Class consisting of all persons who purchased or otherwise acquired SentinelOne common stock between June 1, 2022 and June 1, 2023, inclusive (the “Class Period”), and who were damaged thereby (the “Class”).
SentinelOne is a cybersecurity company that uses machine learning to provide services to customers worldwide.
On June 1, 2023, SentinelOne released its first quarter financial results for the Company’s fiscal year 2024. Among other things, SentinelOne revealed that it had restated its annualized recurring revenue (“ARR”) “[a]s a result of a change in methodology and correction of historical inaccuracies,” leading to “a one-time adjustment to ARR of $27.0 million or approximately 5% of total ARR,” as well as an adjustment to “ARR for the prior period in fiscal 2023 . . . based on the same percentage adjustment rate identified in the first quarter of fiscal 2024.”
On this news, SentinelOne’s stock price fell $7.28 per share, or 35%, to close at $13.44 per share on June 2, 2023, or nearly 62% below the IPO price.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) SentinelOne lacked effective internal controls over account and financial reports; (2) as a result, SentinelOne’s Annualized Recurring Revenue (“ARR”) was overstated; and (3) as a result, SentinelOne’s guidance was overstated.
Lead Plaintiff Deadline
The Lead Plaintiff deadline in this action is August 7, 2023. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
What You Can Do
If you purchased SentinelOne common stock during the Class Period, and suffered damages, realized or unrealized, you are encouraged to contact Scott+Scott attorney Jonathan Zimmerman at (888) 398-9312, or firstname.lastname@example.org, for more information.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, Virginia, California, and Ohio.