Bronstein, Gewirtz & Grossman, LLC Announces Investigation of SentinelOne, Inc. (S)

NEW YORK, NY / ACCESSWIRE / June 5, 2023 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of SentinelOne, Inc. (“SentinelOne” or the “Company”) (NYSE:S). Investors who purchased SentinelOne securities are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: www.bgandg.com/s.

The investigation concerns whether SentinelOne and certain of its officers and/or directors have violated federal securities laws.

On or around June 30, 2021, SentinelOne conducted its initial public offering (the “IPO”), selling 35 million shares of its Class A common stock at $35.00 per share for more than $1 billion in gross offering proceeds.Then, on June 1, 2023, SentinelOne issued a press release announcing its first quarter results for the Company’s fiscal year 2024.Among other results, SentinelOne reported first quarter revenue of $133.4 million, missing consensus estimates by $3.21 million.In addition, the Company cut its previously issued full year 2024 revenue guidance from a range of $631 – $640 million to a range of $590 – $600 million. SentinelOne also revealed that it had restated its annualized recurring revenue (“ARR”) “[a]s a result of a change in methodology and correction of historical inaccuracies,” leading to “a one-time adjustment to ARR of $27.0 million or approximately 5% of total ARR,” as well as an adjustment to “ARR for the prior period in fiscal 2023 . . . based on the same percentage adjustment rate identified in the first quarter of fiscal 2024.”In a letter to shareholders discussing the results, Company management also revealed that it would “implement[] a workforce optimization plan that is expected to impact approximately 5% of our current employees[.]”On this news, SentinelOne’s stock price fell $7.28 per share, or 35.14%, to close at $13.44 per share on June 2, 2023, or 61.6% below the IPO price.

If you are aware of any facts relating to this investigation or purchased SentinelOne shares, you can assist this investigation by visiting the firm’s site: www.bgandg.com/s. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]

SOURCE: Bronstein, Gewirtz & Grossman, LLC