The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired SentinelOne, Inc. (“SentinelOne” or the “Company”) (NYSE: S) securities during the period from June 1, 2022 through June 1, 2023 (the “Class Period”). Investors have until August 7, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
SentinelOne develops security platforms to protect organizations against advanced threats and malware.
On June 1, 2023, after the market closed, SentinelOne published a press release titled “SentinelOne Announces First Quarter Fiscal Year 2024 Financial Results.” Therein, the Company stated that “[a]s a result of a change in methodology and correction of historical inaccuracies . . . [the Company has] made a one-time adjustment to ARR of $27.0 million[.]” On this news, the price of SentinelOne shares declined by $7.28 per share, or approximately 35.14%, from $20.72 per share to close at $13.44 on June 2, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (1) SentinelOne lacked effective internal controls over accounting and financial reporting; (2) as a result, the Company’s ARR was overstated; and (3) as a result, the Company’s guidance was overstated.
If you purchased or otherwise acquired SentinelOne securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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