The panther studded armor has +1 AC +2 AC vs Piercing.
It seems like it has trouble melding an AC bonus vs damage type into your shifted form. I'm wondering if this would happen if you put on the armor that works and put on the knuckle bone necklace from jasmine, since its an AC bonus vs racial type.
-TV
Edit: edited to finish the post, accidentally posted before I was done
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