PALO ALTO NETWORKS ALERT: Bragar Eagel & Squire, P.C. is Investigating Palo Alto Networks on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against Palo Alto Networks due to a class action complaint alleging breaches of fiduciary duties by the board of directors [1] Financial Performance - On February 20, 2024, Palo Alto Networks announced its second-quarter financial results for 2024, lowering its guidance for third-quarter and full-year billings and revenue [2] - The company attributed the guidance reduction to a strategic shift towards platformization and AI leadership, as well as significant shortfalls in U.S. federal government business [2] - Following this announcement, the stock price of Palo Alto Networks declined by $104.12 per share, approximately 28%, on February 21, 2024 [2] Allegations in Lawsuit - The lawsuit claims that during the class period, the defendants made false or misleading statements and failed to disclose material facts, including: - The company's consolidation and platformization initiatives did not significantly increase market share [3] - A need to enhance platformization and free product offerings to attract customers [3] - Unsustainability of the company's high growth in billings [3] - New AI offerings did not contribute to greater platformization and consolidation [3] - Defendants lacked a reasonable basis for their positive statements regarding customer demand, billings, and financial prospects [3]