SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of SentinelOne, Inc. - S
SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of SentinelOne, Inc. - S
PR Newswire
NEW YORK, June 15, 2023
NEW YORK, June 15, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of SentinelOne, Inc. ("SentinelOne" or the "Company") (NYSE: S). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether SentinelOne and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around June 30, 2021, SentinelOne conducted its initial public offering (the "IPO"), selling 35 million shares of its Class A common stock at $35.00 per share for more than $1 billion in gross offering proceeds. Then, on June 1, 2023, SentinelOne issued a press release announcing its first quarter results for the Company's fiscal year 2024. Among other results, SentinelOne reported first quarter revenue of $133.4 million, missing consensus estimates by $3.21 million. In addition, the Company cut its previously issued full year 2024 revenue guidance from a range of $631 – $640 million to a range of $590 – $600 million. SentinelOne also 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." In a letter to shareholders discussing the results, Company management also revealed that it would "implement[] a workforce optimization plan that is expected to impact approximately 5% of our current employees[.]"
On this news, SentinelOne's stock price fell $7.28 per share, or 35.14%, to close at $13.44 per share on June 2, 2023, or 61.6% below the IPO price.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
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