Fortinet(US:FTNT) Globenewswireยท2025-09-26 15:38Core Viewpoint - A securities class action lawsuit has been filed against Fortinet, Inc. for allegedly making false and misleading statements regarding its business operations and product refresh cycle during the specified Class Period from November 8, 2024, to August 6, 2025 [1]. Allegations of Misconduct - The lawsuit claims that Fortinet misrepresented the profitability of its product refresh cycle, stating it would be lucrative despite it consisting of old products that were only a small percentage of the business [2]. - It is alleged that Fortinet concealed the true number of FortiGate firewalls eligible for upgrades, leading to misleading statements about the company's operational capabilities [2]. - The complaint asserts that Fortinet misled investors by claiming the refresh would gain momentum over two years, while in reality, it aggressively pushed through 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 prospects were materially false and lacked a reasonable basis [2]. Lead Plaintiff Process - Fortinet investors have until November 21, 2025, to seek appointment as a lead plaintiff representative in the class action, which involves directing the litigation on behalf of all class members [3]. - The lead plaintiff is typically the investor or group of investors with the largest financial interest and who are representative of the class [3]. - Participation as a lead plaintiff does not affect the ability to share in any recovery from the lawsuit [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]. - The firm emphasizes its commitment to protecting investors and consumers from fraud and negligence [4].