SentinelOne Investors: August 7, 2023 Filing Deadline in Securities Class Action – Contact Lieff Cabraser

SAN FRANCISCO--(BUSINESS WIRE)--National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in SentinelOne, Inc. (“SentinelOne” or the “Company”) who suffered losses from purchasing or otherwise acquiring SentinelOne securities (NYSE: S) between June 1, 2022 and June 1, 2023 to contact us immediately regarding pending securities fraud class action against SentinelOne. The deadline to apply to be a lead plaintiff is August 7, 2023.

Class Period: June 1, 2022 – June 1, 2023

Lead Plaintiff Motion Deadline: August 7, 2023

Case information: lieffcabraser.com/securities/sentinelone

Contact us: Email or text [e-mail] or call 1-800-541-7358

SentinelOne is a cybersecurity company purporting to have developed the first AI-powered Extended Detection and Response platform to render cybersecurity defense actually autonomous.

One of SentinelOne’s key business metrics is its “ARR,” which the Company defines as “the annualized revenue run rate of our subscription and capacity contracts at the end of a reporting period, assuming contracts are renewed on their existing terms for customers that are under contracts with us.”

The action alleges that defendants made false and/or misleading statements and/or failed to disclose: (a) that SentinelOne did not have effective internal controls over accounting and financial reporting; (b) that, consequently, the Company overstated its ARR; and (c) that as a result, the Company overstated its guidance.

On June 1, 2023, after market close, SentinelOne announced that it was making “a one-time adjustment to ARR of $27.0 million or approximately 5% of total ARR.” The Company also lowered its revenue guidance for fiscal year 2024, from a range of $631 million to $640 million, to a range of $590 million to $600 million. In a letter to shareholders that day, SentinelOne explained that it had “discovered historical upsell and renewal recording inaccuracies relating to ARR on certain subscription and consumption contracts,” and that accordingly the Company was applying an estimated adjustment to the remaining quarters of fiscal year 2023. On this news, the price of SentinelOne’s stock fell $7.28 per share, or 35.14%, from a closing price of $20.72 on June 1, 2023, to close at $13.44 per share on June 2, 2023, on extremely elevated trading volume.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $129 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.