RADNOR, Pa., March 10, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Palo Alto Networks, Inc. (“Palo Alto”) (NASDAQ: PANW). The action charges Palo Alto with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Palo Alto’s materially misleading statements and omissions to the public, Palo Alto’s investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR PALO ALTO LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/palo-alto-networks-inc?utm_source=PR&utm_medium=link&utm_campaign=panw&mktm=r
TO VIEW OUR VIDEO, PLEASE CLICK HERE
LEAD PLAINTIFF DEADLINE: APRIL 26, 2024
CLASS PERIOD: AUGUST 18, 2023 THROUGH FEBRUARY 20, 2024
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at (484) 270-1453 or via email at info@ktmc.com
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field as well as the firm itself which is continuously awarded for the successful results we’ve achieved. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
In addition to representing investors in cases where the fraud has been revealed, Kessler Topaz also represents whistleblowers – persons who expose wrongdoing to those in positions of authority or to the public- in cases brought under federal and state qui tam statutes, and through financial fraud whistleblower programs, such as those run by the SEC, CFTC and IRS. If you have information about fraud against government programs (such as Medicare), or violations of federal securities, commodities, tax or anti-foreign bribery laws, contact Kessler Topaz at (866) 369-7779 or at wbinfo@ktmc.com or go to https://www.ktmc-whistleblower.com.
DEFENDANTS’ ALLEGED MISCONDUCT
The Class Period begins on August 18, 2023, when Palo Alto held an earnings call about its reported financial results for its fiscal Q4 2023. On the call, Defendants touted the company’s platformization initiative, claiming that it was “continuing to drive large deal momentum.” Throughout the Class Period, Defendants continued to claim that the company’s consolidation and platformization initiatives were significantly driving increased market share.
Then, on February 20, 2024, during after-market hours, the truth was revealed when Palo Alto announced its financial results for Q2 2024 and drastically lowered its third quarter and full-year billings and revenue guidance. On an earnings call that same day, Defendants attributed the revised guidance “to a consequence of us driving a shift in our strategy in wanting to accelerate both our platformization and consolidation and activating our AI leadership” as well as due to a deal with the federal government that didn’t close as expected.
Following this news, Palo Alto’s stock fell $104.12 per share, or more than 25%, from a close of $366.09 on February 20, 2024, to close at $261.97 on February 21, 2024.
WHAT CAN I DO?
Palo Alto investors may, no later than April 26, 2024, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Palo Alto investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Palo Alto, Schlaegel v. Palo Alto Networks, Inc., et al., Case No. 24-cv-01156, is filed in the United States District Court for the Northern District of California.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
info@ktmc.com
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