According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that:
- Palo Alto’s consolidation and platformization initiatives were not driving increased market share to a significant degree;
- Palo Alto would need to ramp up platformization and free product offerings to entice customers to adopt more of their platforms;
- Palo Alto’s high growth in billings was not sustainable;
- Palo Alto’s new Artificial Intelligence (“AI”) offerings were not facilitating greater platformization and consolidation; and
- 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.
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