The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against SentinelOne, Inc. (S)

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming August 7, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired SentinelOne, Inc. (“SentinelOne” or the “Company”) (NYSE: S) securities between June 1, 2022 and June 1, 2023, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On June 1, 2023, after the market closed, SentinelOne published a press release titled “SentinelOne Announces First Quarter Fiscal Year 2024 Financial Results.” Therein, the Company disclosed that “[a]s a result of a change in methodology and correction of historical inaccuracies, which we further describe in our letter to shareholders, 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. In a shareholder letter published the same day, SentinelOne 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, SentinelOne’s stock price fell $7.28 per share, or more than 35%, to close at $13.44 per share on June 2, 2023.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company lacked effective internal controls over accounting and financial reporting; (2) that, as a result, the Company’s ARR was overstated; (3) that, as a result, the Company’s guidance was overstated; and (4) that, as a result of the foregoing, Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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If you purchased or otherwise acquired SentinelOne securities during the Class Period, you may move the Court no later than August 7, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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