Fortinet(US:FTNT) Globenewswireยท2025-09-30 16:42Core Viewpoint - A securities class action lawsuit has been filed against Fortinet, Inc. for allegedly making false and misleading statements regarding its business operations and prospects during the class period from November 8, 2024, to August 6, 2025 [1][2]. Group 1: Allegations Against Fortinet - 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 lack of clarity regarding the actual number of FortiGate firewalls eligible for upgrades [2]. - The company reportedly misled investors by claiming that the refresh would gain momentum over two years, while it had already 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 about its business and operations were deemed materially false and misleading [2]. Group 2: Lead Plaintiff Process - Investors in Fortinet have until November 21, 2025, to seek appointment as a lead plaintiff representative in the class action [3]. - A lead plaintiff acts on behalf of all class members and is typically the investor or group of investors with the largest financial interest [3]. - The decision to serve as a lead plaintiff does not affect an investor's ability to share in any recovery from the lawsuit [3]. Group 3: Contact Information - Kessler Topaz Meltzer & Check, LLP encourages affected Fortinet investors to reach out for more information regarding the lawsuit [4]. - The firm has a reputation for prosecuting class actions and has recovered billions for victims of corporate misconduct [4].