SAN FRANCISCO, June 05, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges SentinelOne, Inc. (NYSE: S) investors who suffered substantial losses submit your losses now.
| Visit: www.hbsslaw.com/investor-fraud/S | |
| Contact An Attorney Now: | S@hbsslaw.com |
| 844-916-0895 | |
SentinelOne, Inc. (S) Investigation:
In the past, SentinelOne has downplayed macroeconomic headwinds to its cybersecurity business, pointing to sequential increases in its key business metric (annualized recurring revenue, or “ARR”).
The utility of SentinelOne’s reported ARR metric came into question on June 1, 2023, when the company announced mixed Q1 2024 financial results. The company also slashed full year revenue guidance and revealed a 5% workforce reduction. The company further revealed that it decided to change its methodology of calculating ARR for consumption and usage-based agreements to reflect committed contract values, explaining “we discovered some historical inaccuracies relating to ARR on certain contracts,” “there was a decline in [customer] usage and consumption,” and “[a]s a result, we made a one-time adjustment to ARR of $27 million[.]”
Cannacord analysts reportedly noted that, due to the accounting changes, lowered guidance, and lack of profits, they think that shares of SentinelOne will likely remain in the penalty box for several quarters. A Guggenheim analyst reportedly noted “‘necessary revisions to historical ARR figures clearly impeded management’s ability (and ours) to forecast revenue and ARR with any sort of accuracy’” and “‘ [t]o us, it looks like new business fell off a cliff.’”
These events drove the price of SentinelOne shares down about 35% on June 2, 2023.
“We’re focused on investors’ losses and when SentinelOne first became aware of the notable decline in customer usage,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in SentinelOne and have substantial losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding SentinelOne should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email S@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
