Core Insights - Fortinet, Inc. (NASDAQ:FTNT) is recognized as a stock to buy by billionaire Ray Dalio's Bridgewater Associates [1] - The company has expanded its partnership with Armis to integrate Armis Centrix into the Fortinet Security Fabric, aiming to enhance asset visibility and security operations [1][2] Group 1: Partnership and Integration - The extended collaboration with Armis will provide unified asset visibility, management, and automated policy enforcement [1] - Armis' technology offers deep contextual insights into network-connected assets, allowing Fortinet to provide targeted security recommendations [2] - The integration supports real-time risk assessment and faster incident response, addressing the complexity in cybersecurity tools [2][3] Group 2: Product Offerings - Fortinet develops and sells network security appliances, endpoint protection, and cloud-based security solutions, with key products including FortiGate firewalls [3] - The partnership enhances Fortinet's core security offerings, which now include monitoring for over 6.5 billion devices across various sectors [3]

Core Viewpoint - The Gross Law Firm is notifying shareholders of Fortinet, Inc. regarding a class action lawsuit related to alleged false statements and misrepresentations made by the company during a specific period [1][3]. Group 1: Allegations and Class Period - The class period for the lawsuit is from November 8, 2024, to August 6, 2025 [3]. - Allegations include that Fortinet misrepresented the potential profitability of a product refresh cycle, claiming it would be lucrative while it actually consisted of old products that represented a "small percentage" of the company's business [3]. - The complaint states that Fortinet did not have a clear understanding of the number of FortiGate firewalls eligible for upgrades and misled investors about the momentum of the refresh cycle, which was pushed through aggressively in a short time frame [3]. Group 2: Next Steps for Shareholders - Shareholders are encouraged to register for the class action by November 21, 2025, to participate in potential recovery [4]. - Once registered, shareholders will receive updates through a portfolio monitoring software regarding the status of the case [4]. - There is no cost or obligation for shareholders to participate in the case [4]. Group 3: Law Firm's Mission - The Gross Law Firm aims to protect the rights of investors who have suffered due to deceit, fraud, and illegal business practices [5]. - The firm is committed to ensuring companies engage in responsible business practices and seeks recovery for investors affected by misleading statements that inflated stock prices [5].

Core Points - Class action lawsuits have been filed on behalf of shareholders of several publicly-traded companies, with specific deadlines for filing lead plaintiff motions [1] RCI Hospitality Holdings, Inc. (NASDAQ: RICK) - Class period is from December 15, 2021, to September 16, 2025, with a lead plaintiff deadline of November 20, 2025 [2] - Allegations include materially false and misleading statements regarding tax fraud and bribery, which understated the legal risks and misled investors about the company's business prospects [2] Fortinet, Inc. (NASDAQ: FTNT) - Class period is from November 8, 2024, to August 6, 2025, with a lead plaintiff deadline of November 21, 2025 [3] - Allegations include misleading statements about the refresh cycle of products and the true number of upgradable firewalls, leading to materially misleading representations about the company's operations and prospects [3] Molina Healthcare, Inc. (NYSE: MOH) - Class period is from February 5, 2025, to July 23, 2025, with a lead plaintiff deadline of December 2, 2025 [4] - Allegations include failure to disclose adverse facts regarding medical cost trend assumptions and the company's financial guidance, which were materially misleading to investors [4] Marex Group plc (NASDAQ: MRX) - Class period is from May 16, 2024, to August 5, 2025, with a lead plaintiff deadline of December 8, 2025 [5] - Allegations include selling over-the-counter financial instruments to itself and inconsistencies in financial statements, leading to materially misleading representations about the company's business and operations [6]

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Fortinet, Inc. regarding a class action lawsuit, alleging that the company made false statements about its product refresh cycle and the number of FortiGate firewalls that could be upgraded [1]. Summary by Sections Allegations - The complaint claims that Fortinet misrepresented the profitability of its product refresh cycle, stating it would not be as lucrative as suggested, as it involved old products that constituted a "small percentage" of the company's business [1]. - It is alleged that Fortinet did not have a clear understanding of the actual number of FortiGate firewalls eligible for upgrades and misled investors about the momentum of the refresh cycle, which was pushed through rapidly in a few months rather than over the projected two years [1]. Class Action Details - The class period for the lawsuit is defined as November 8, 2024, to August 6, 2025, and shareholders are encouraged to register for participation by November 21, 2025 [2]. - Shareholders who register will receive updates on the case's progress through a portfolio monitoring software [2]. Firm's Mission - The Gross Law Firm aims to protect investors' rights against deceit and fraud, emphasizing the importance of responsible business practices and corporate citizenship [3].

Core Viewpoint - A class action lawsuit has been filed against Fortinet, Inc. for alleged misrepresentations regarding the company's product refresh cycle and its impact on business performance, leading to significant losses for investors who purchased shares during the specified period [7]. Allegation Details - The lawsuit claims that Fortinet's management misrepresented the potential profitability of the product refresh cycle, stating it would be lucrative despite it involving old products that constituted a "small percentage" of the company's business [7]. - It is alleged that Fortinet concealed the uncertainty regarding the number of FortiGate firewalls eligible for upgrades and misled investors about the momentum of the refresh cycle [7]. - On August 6, 2025, Fortinet disclosed that it was only "approximately 40% to 50% of the way through the 2026 upgrade cycle" by the end of Q2 2025, contradicting earlier statements [7]. - The lawsuit also highlights that Fortinet admitted difficulties in predicting the total number of FortiGates needing upgrades and acknowledged that customers had excess firewall capacity from previous purchases, which reduced the necessity for upgrades [7]. - Following the earnings call, Fortinet's stock price dropped over 22%, reflecting the negative market reaction to the revelations [7]. Next Steps - Investors who acquired Fortinet shares during the class period and suffered losses are encouraged to contact the law firm Bragar Eagel & Squire for more information and to discuss their legal rights [4].

Core Insights - Fortinet is enhancing its cloud-first, AI-driven growth model by expanding FortiCloud with new offerings like FortiIdentity, FortiDrive, and FortiConnect, aiming to create a unified ecosystem that boosts automation and recurring revenue streams [1][9] - The integration of AI into FortiCloud is emphasized through the expansion of the FortiAI suite, which includes tools designed to secure AI infrastructure and improve operational efficiency [2] - Fortinet's strategy supports a long-term shift towards subscription-based, high-margin cloud services, with management projecting sustained billings momentum backed by significant infrastructure investments [3] Financial Projections - Fortinet's total revenues are expected to grow by 13% in 2025 and 10% in 2026, reflecting the positive impact of the FortiCloud evolution [4] - The Zacks Consensus Estimate for Fortinet's earnings is projected at $2.52 per share for 2025 and $2.77 per share for 2026, indicating year-over-year earnings growth of 6.33% for 2025 and 9.83% for 2026 [14][15] Competitive Landscape - Fortinet faces competition from Zscaler, which excels in cloud-native security with its SaaS-based platforms, and Palo Alto Networks, which offers advanced security solutions across hybrid and multi-cloud environments [5][6] - Zscaler's agility and scalability in cloud-first environments contrast with Fortinet's hybrid hardware-cloud model, which appeals to enterprises needing deeper on-prem integration [5] - Palo Alto Networks' comprehensive solutions command higher costs but deliver superior security performance, making them a preferred choice for large organizations [6] Valuation and Market Performance - Fortinet shares have declined by 12.1% year to date, underperforming the Zacks Security industry's 23.2% rally and the broader Computer and Technology sector's 22.8% growth [7] - The company appears overvalued with a forward 12-month price-to-sales ratio of 8.8, compared to the sector's average of 6.9, and carries a Value Score of D [11]

Core Insights - The cybersecurity sector is gaining investor interest due to increasing digital threats and the prioritization of security infrastructure by enterprises [1] - Fortinet and CrowdStrike are two leading companies in this space, with Fortinet focusing on network security and CrowdStrike on endpoint protection [1][2] Company Performance Fortinet (FTNT) - Fortinet reported a 14% year-over-year growth in second-quarter billings for 2025 and achieved a record non-GAAP operating margin of 34% in the first quarter, up 570 basis points year-over-year [4] - The company raised its full-year billings outlook, attributing this to innovation and a customer-first strategy, supported by a comprehensive product portfolio [4] - Fortinet announced significant AI innovations in April 2025, enhancing its Security Fabric platform with AI-driven capabilities to improve threat protection and automate security operations [5] - Despite strong performance, Fortinet faces challenges in high-growth segments, particularly in transitioning to cloud-native architectures and unified security platforms [6] CrowdStrike (CRWD) - CrowdStrike experienced a record second-quarter fiscal 2026, reporting $221 million in net new ARR and total revenues of $1.17 billion, reflecting a 21% year-over-year growth [7] - The company surpassed 1,000 Falcon Flex customers, indicating strong demand for its flexible consumption model [7] - CrowdStrike's module adoption rates reached 48% for six or more modules, showcasing customer consolidation of security functions onto its Falcon platform [8] - The company announced strategic partnerships with major tech firms like AWS and NVIDIA to enhance its AI capabilities and cloud-native security leadership [10] - CrowdStrike's strong guidance anticipates over 22% ending ARR growth for fiscal 2026, with at least 40% year-over-year net new ARR growth expected in the latter half of the fiscal year [11] Valuation and Market Position - Both companies have premium valuations, with Fortinet trading at a forward sales multiple of 8.68X and CrowdStrike at 22.33X, reflecting their growth prospects [12] - CrowdStrike's stock has outperformed Fortinet, with a year-to-date gain of 42.9% compared to Fortinet's 12.1% decline [16] - The combination of CrowdStrike's accelerating ARR growth, expanding platform adoption, and strategic AI partnerships positions it favorably in the cybersecurity market [16] Conclusion - CrowdStrike's AI-native platform and strategic partnerships indicate a superior position in the evolving security landscape, making it a more attractive investment compared to Fortinet [18]

Core Viewpoint - A securities class action lawsuit has been filed against Fortinet, Inc. for alleged misleading statements and omissions regarding the company's business operations and prospects during the Class Period from November 8, 2024, to August 6, 2025 [1] Allegations Against Fortinet - The lawsuit claims that Fortinet misrepresented the profitability of its product refresh cycle, stating it would be more lucrative than it actually was, as it involved old products that constituted a "small percentage" of the business [2] - It is alleged that Fortinet did not have a clear understanding of the number of FortiGate firewalls eligible for upgrades, which was concealed from investors [2] - The company reportedly misled investors by claiming that the refresh would gain momentum over two years, while in reality, it pushed through about half of the refresh in just a few months by the end of Q2 2025 [2] - As a result of these actions, the statements made by Fortinet regarding its business and future prospects were materially false and misleading [2] Lead Plaintiff Process - Investors in Fortinet have until November 21, 2025, to seek appointment as a lead plaintiff representative in the class action lawsuit [3] - The lead plaintiff will represent the interests of all class members and select legal counsel for the case [3] Firm Background - Kessler Topaz Meltzer & Check, LLP is known for prosecuting class actions and has a reputation for recovering billions for victims of corporate misconduct [4]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Fortinet, Inc. common stock during the specified class period of the upcoming lead plaintiff deadline for a class action lawsuit [1][2] Group 1: Class Action Details - The class period for the Fortinet common stock purchase is from November 8, 2024, to August 6, 2025, inclusive [1] - Investors may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [1] - A class action lawsuit has already been filed, and interested parties must move the Court by November 21, 2025, to serve as lead plaintiff [2] Group 2: Legal Representation - Rosen Law Firm emphasizes the importance of selecting qualified counsel with a successful track record in securities class actions [3] - The firm has achieved significant settlements, including the largest securities class action settlement against a Chinese company at the time [3] - In 2019, the firm secured over $438 million for investors, showcasing its capability in recovering funds for clients [3] Group 3: Case Allegations - The lawsuit alleges that Fortinet made materially false and misleading statements regarding the business impact of a "record" round of FortiGate unit upgrades [4] - Defendants claimed that this refresh cycle would generate between $400 million to $450 million in product revenue in 2025 and 2026, which was later revealed to be exaggerated [4][5] - The lawsuit contends that the refresh cycle was not as lucrative as represented, consisting of old products that were a "small percentage" of the company's business [5]

Core Viewpoint - Fortinet, Inc. is facing a class action lawsuit due to alleged misleading statements regarding its business operations and financial performance during the Class Period from November 8, 2024, to August 6, 2025 [1][4]. Financial Performance - On August 6, 2025, Fortinet reported its Q2 2025 financial results, indicating that it was "approximately 40% to 50% of the way through the 2026 firewall upgrade cycle" [2]. - The company provided weaker-than-expected revenue guidance for Q3 2025, projecting revenue between $1.67 billion and $1.73 billion [2]. Stock Price Impact - Following the release of the financial results, Fortinet's stock price dropped by $21.28, or 22%, closing at $75.30 per share on August 7, 2025 [3]. Allegations in the Lawsuit - The lawsuit claims that Fortinet's management made materially false and misleading statements and failed to disclose adverse facts about the company's business and prospects [4]. - Specific allegations include: - Misrepresentation of the profitability of the refresh cycle, which was said to consist of old products that were a "small percentage" of the business [4]. - Lack of clarity regarding the number of FortiGate firewalls eligible for upgrades [4]. - Misleading investors about the momentum of the refresh cycle, which was pushed through more quickly than communicated [4]. - Overall, the positive statements made by the company were deemed materially misleading and lacked a reasonable basis [4]. Legal Action Details - Investors who purchased Fortinet common stock during the Class Period can file a lead plaintiff motion by November 21, 2025 [5].