Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Acti
Law Offices of Howard G. Smith reminds investors of the upcoming August 7, 2023 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased SentinelOne, Inc. ("SentinelOne" or the "Company") ((S) securities between June 1, 2022 and June 1, 2023, inclusive (the "Class Period").
Investors suffering losses on their SentinelOne investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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."