SentinelOne Board Allegedly Concealed Errors in Revenue Figures

SentinelOne Inc.’s directors failed to disclose that the company lacked effective accounting and financial reporting controls, overstating revenue and other projections for a year without informing investors, a shareholder derivative suit says.

The cybersecurity company allegedly touted the success of its Singularity platform, which uses artificial intelligence to automate defense against cyberattacks, and strong revenue performance starting in June 2022, but revealed a year later that its revenue had fallen short by 5% and revised future guidance downward, according to the complaint filed Wednesday in US District Court for the District of Delaware.

SentinelOne’s alleged misrepresentations began in June ...