SNOW - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Palo Alto Snowflake and Chemours and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, April 19, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Palo Alto Networks, Inc. (NASDAQ:PANW), Snowflake Inc. (NYSE:SNOW), and The Chemours Company (NYSE:CC). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Palo Alto Networks, Inc. (NASDAQ:PANW)
Class Period: August 18, 2023 - February 20, 2024 (Common Stock Only)
Lead Plaintiff Deadline: April 26, 2024
After the market close on February 20, 2024, Palo Alto Networks announced financial results for the second quarter of 2024 and lowered its third quarter and full-year billings and revenue guidance. In an earnings call that same day, Defendants explained that "our guidance is a consequence of us driving a shift in our strategy in wanting to accelerate both our platformization and consolidation and activating our AI leadership." Defendants also revealed that U.S. federal government deals for several large projects did not close and resulted in "a significant shortfall in our U.S. federal government business" that is expected to continue into the third and fourth quarters if 2024.
On this news, the price of Palo Alto Networks, Inc. common stock declined by $104.12 per share, or approximately 28%, on February 21, 2024.
The lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material facts, including that: (1) The Company's consolidation and platformization initiatives were not driving increased market share to a significant degree; (2) the Company would need to ramp up platformization and free product offerings to entice customers to adopt more of their platforms; (3) the Company's high growth in billings was not sustainable; (4) new AI offerings were not facilitating greater platformization and consolidation; and (5) based on the foregoing, Defendants lacked a reasonable basis for their positive statements about customer demand, billings, and platformization, as well as related financial results, growth, and prospects.
For more information on the Palo Alto class action go to: https://bespc.com/cases/PANW
Snowflake Inc. (NYSE:SNOW)
Class Period: September 16, 2020 - March 2, 2022 (Class A Common Stock Only)
Lead Plaintiff Deadline: April 29, 2024
Snowflake is a cloud data platform that enables its enterprise customers to consolidate data into a single source to build data-driven applications and share data.
The Snowflake class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Snowflake had systematically oversold capacity to customers which created a misleading appearance of the demand for Snowflake's products and services; (ii) Snowflake had provided significant discounts to its customers prior to its initial public offering ("IPO") that temporarily boosted sales but would not be sustainable after the IPO and/or necessitate platform efficiency adjustments that negatively impacted client consumption and Snowflake's revenue and profit margins; (iii) as a result, Snowflake's customers were poised to roll over a material amount of unused credits (and thereby ...