Fortinet(US:FTNT) Prnewswire·2025-10-09 17:50Core 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][2]. Allegations Against Defendants - 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 company's business [2]. - It is alleged that Fortinet did not have a clear understanding of the actual 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 had pushed through about half of the refresh in just a few months by the end of the second quarter of 2025 [2]. - As a result of these actions, the statements made by Fortinet regarding its business, operations, 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, 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 in the case and must select counsel to represent them and the class [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].