Case Summary

Palo Alto Networks

NASDAQ: PANW

Case Details

  • Schlaegel v. Palo Alto Networks Inc. et al.
  • Class Period:August 18, 2023 - February 20, 2024
  • Date Filed:February 26, 2024
  • Jurisdiction:U.S. District Court, Northern District of California
  • Docket Number: 5:24-cv-01156
  • Lead Plaintiff Deadline: April 26, 2024
Days Left to
Seek Plaintiff
3

Overview

A class action lawsuit has been filed against Palo Alto Networks, Inc. (“Palo Alto Networks” or the “Company”) (NASDAQ: PANW) and certain of the Company’s current and former senior executive officers alleging violations of the Securities Exchange Act of 1934.  The Palo Alto Networks lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Palo Alto Networks common stock between August 18, 2023 and February 20, 2024, both dates inclusive (the “Class Period”), and investors have until April 26, 2024 to seek appointment as lead plaintiff of the Palo Alto Networks class action lawsuit.

Palo Alto Networks is a multinational cybersecurity company that offers an enterprise cybersecurity platform for network security, cloud security, and various cloud-delivered security.  

The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material facts, including that: (1) the Company’s consolidation and so-called “platformization” initiatives were not driving increased market share to a significant degree; (2) the Company would need to ramp up platformization and free product offerings to entice customers to adopt more of their platforms; (3) the Company’s high growth in billings was not sustainable; (4) new Artificial Intelligence offerings were not facilitating greater platformization and consolidation; and (5) based on the foregoing, Defendants lacked a reasonable basis for their positive statements about customer demand, billings, and platformization, as well as related financial results, growth, and prospects.

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If you purchased or otherwise acquired Palo Alto Networks (NASDAQ: PANW) common stock between August 18, 2023 and February 20, 2024, both dates inclusive, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Palo Alto Networks lawsuit is April 26, 2024.

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