Fortinet(US:FTNT) Globenewswire·2025-09-28 20:00Core Viewpoint - A class action lawsuit has been filed against Fortinet, Inc. for allegedly making materially false and misleading statements regarding the business impact of a significant upgrade cycle for its FortiGate units, which has led to investor damages during the specified class period from November 8, 2024, to August 6, 2025 [1][5][6]. Group 1: Lawsuit Details - The lawsuit claims that Fortinet's management misrepresented the scale and profitability of a "record" refresh cycle, projecting product revenue between $400 million to $450 million for 2025 and 2026, while knowing that the actual refresh cycle would not be as lucrative [5][6]. - It is alleged that the refresh cycle consisted of older products that represented only a "small percentage" of Fortinet's business, contradicting the company's optimistic projections [6]. - The lawsuit indicates that Fortinet concealed the true number of FortiGate firewalls eligible for upgrades and misled investors about the momentum of the refresh cycle, which was pushed through more rapidly than communicated [6]. Group 2: Investor Actions - Investors who purchased Fortinet common stock during the class period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - Interested parties can join the class action by visiting the provided link or contacting the law firm directly for more information [3][7]. - A lead plaintiff must file a motion with the court by November 21, 2025, to represent the interests of other class members [1][3]. Group 3: Law Firm Credentials - The Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements, including the largest securities class action settlement against a Chinese company at the time [4]. - The firm has consistently ranked highly in terms of the number of securities class action settlements and has recovered hundreds of millions of dollars for investors [4].