FORTINET ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against Fortinet, Inc. and Encourages Investors to Contact the Firm

Core Viewpoint - A class action lawsuit has been filed against Fortinet, Inc. for alleged misrepresentations regarding its product refresh cycle and the actual number of FortiGate firewalls eligible for upgrades, leading to significant investor losses during the specified class period [2][8]. Allegation Details - The lawsuit claims that Fortinet's management misled investors about the profitability of the refresh cycle, stating it would be lucrative despite it involving old products that represented a "small percentage" of the company's business [8]. - It is alleged that Fortinet did not have a clear understanding of the number of FortiGate firewalls that could be upgraded and misrepresented the momentum of the refresh cycle, which was pushed through rapidly in a short time frame [8]. - On August 6, 2025, Fortinet disclosed during an earnings call that it was already "approximately 40% to 50% of the way through the 2026 upgrade cycle" by the end of Q2 2025, contradicting earlier statements [8]. - The lawsuit further alleges that Fortinet admitted the difficulty in predicting the total number of FortiGates needing upgrades and indicated that customers had excess firewall capacity from previous purchases, which diminished the need for upgrades [8]. - Following these revelations, Fortinet's stock price dropped by more than 22% [8]. Next Steps - Investors who purchased 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].