Archived Investigations
SentinelOne, Inc. (NYSE: S)
SentinelOne and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On June 1, 2023, the Company disclosed that “[a]s a result of a change in methodology and correction of historical inaccuracies…we made a one-time adjustment to ARR of $27.0 million or approximately 5% of total ARR” and that the Company had slashed its fiscal year 2024 revenue guidance from a range of $631 million to $640 million to a range of $590 million to $600 million, due to the discovery of “historical upsell and renewal recording inaccuracies relating to ARR on certain subscription and consumption contracts, which are now corrected.”
On this news, shares of SentinelOne fell $7.28 per share, or more than 35%, to close at $13.44 per share on June 2, 2023.
The case is Johansson v. SentinelOne, Inc., et al., No. 23-cv-02786.