{"id":55463,"date":"2024-02-28T17:00:11","date_gmt":"2024-02-28T17:00:11","guid":{"rendered":"https:\/\/www.threatshub.org\/blog\/palo-alto-investor-sues-over-28-share-tumble\/"},"modified":"2024-02-28T17:00:11","modified_gmt":"2024-02-28T17:00:11","slug":"palo-alto-investor-sues-over-28-share-tumble","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/palo-alto-investor-sues-over-28-share-tumble\/","title":{"rendered":"Palo Alto investor sues over 28% share tumble"},"content":{"rendered":"

Palo Alto Networks (PAN) is facing a proposed class action lawsuit that alleges investors were deceived about the traction of its platform tactics and hurt by an unexpectedly low billings forecast that crashed the share price.<\/p>\n

The US security biz last week reported<\/a> a 19 percent bounce in sales to $1.975 billion for its Q2 ended January 31, and net income of $1.476 billion helped by a tax benefit. So far so good, until it came to projections for the next three months.<\/p>\n

For Q3 of PAN\u2019s fiscal 2024, it offered guidance that total billings are estimated to be between $2.3 billion to $2.35 billion, which if correct would equate to year-on-year growth of 2-4 percent. This was due to “softness” in federal government spending.<\/p>\n