Palo Alto Networks, Inc. (NASDAQ: PANW)

This lawsuit is for anyone who acquired securities in Palo Alto Networks, Inc. (NASDAQ: PANW) from August 18, 2023 through February 20, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that more people were subscribing to the Company’s cybersecurity platforms than the Company knew to be the case.

On February 21, 2024, Palo Alto released its second quarter fiscal 2024 financial results and lowered its full year revenue and billing guidance. The Company attributed the revision to its “platformization,” in which it will be offering more “freemium” services to on-ramp customers into the full paid services platform, as well as a deal with the federal government that didn’t close as expected. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Palo Alto Networks, Inc. (NASDAQ: PANW) from August 18, 2023 through February 20, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.