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PALO ALTO NETWORKS INC

PANW

Financials

2

exclusion reasons

2 themes

Corporate Misconduct (1) Surveillance Capitalism (1)
PANW Financials Current as of March 2026

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.

Financial Misconduct
Since Mar 8, 2026

PANW faced federal securities class action (Case No. 24-cv-01156) alleging false or misleading statements regarding "platformization" strategy and customer demand, leading to 28% stock price collapse in February 2024. Although district judge dismissed in August 2025, plaintiffs filed Notice of Appeal with 9th Circuit on September 17, 2025. Litigation remains material risk as of March 2026.

Sources:
cnbc.com ↗ web.archive.org ↗
Surveillance Technology
Since Jan 1, 2025

In 2025-2026, PANW significantly expanded its "Public Sector Cyber Outlook," positioning AI-native security agents as core infrastructure for U.S. CBP and national security stakeholders. 2026 roadmap includes "autonomous SOC agents" that triage alerts and enforce containment without human intervention in border control entities. Unit 42 directly manages national-level law enforcement/border control infrastructure across 37 countries.

Source:
ECIC

Related Issues

Surveillance Capitalism

Surveillance capitalism is extraction without consent — behavioral data harvested from people whose agreement was buried in terms they couldn't negotiate and can't revoke. We exclude companies whose revenue depends on this, and hold a high bar for any tech company where surveillance is a meaningful input. Until users can control, audit, and delete their data, this stays a core exclusion.

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Research Sources 3 organizations
External
External
Ethical Capital
Internal

Related Exclusions

Same Issue

Corporate Misconduct

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Same Issue

Surveillance Capitalism

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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.

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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.

Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.