NEW YORK, June 07, 2023 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased the securities of SentinelOne, Inc. (“SentinelOne” or the “Company”) (NYSE: S) between June 1, 2022 and June 1, 2023, both dates inclusive (the “Class Period”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company lacked effective internal controls over accounting and financial reporting; (ii) as a result, the Company’s Annualized Recurring Revenue (“ARR”) was overstated; and (iii) consequently, the Company’s guidance was overstated.
On June 1, 2023, the Company reported that “[a]s a result of a change in methodology and correction of historical inaccuracies, . . . we made a one-time adjustment to ARR of $27.0 million or approximately 5% of total ARR.” The Company also revised its fiscal year 2024 revenue guidance downward to a range of $590 million to $600 million from a range of $631 million to $640 million. The Company further explained that “we . . . discovered historical upsell and renewal recording inaccuracies relating to ARR on certain subscription and consumption contracts, which are now corrected” and that “[w]e are applying a comparable estimated adjustment to the remaining quarters in fiscal year ‘23, which we believe is a reasonable approximation of the impact in those periods.” On this news, the price of the Company stock declined more than 35%, damaging investors.
Investors who purchased or otherwise acquired shares of SentinelOne should contact the Firm prior to the August 7, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
