PANW CLASS ACTION NOTICE

Kessler Topaz Meltzer & Check, LLP Reminds Palo Alto Networks, Inc. (PANW) Shareholders of Securities Fraud Class Action Lawsuit and Encourages Investors with Substantial Losses to Contact the Firm - Seite 2

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.

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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.