Fortinet(US:FTNT) Globenewswire·2025-10-11 15:38Core Viewpoint - A class action lawsuit has been filed against Fortinet, Inc. for alleged misrepresentations regarding the company's product refresh cycle and its impact on business performance [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 portion of the business [8]. - It is alleged that Fortinet did not have a clear understanding of the number of FortiGate firewalls eligible for upgrades and misrepresented the momentum of the refresh cycle [8]. - During an earnings call on August 6, 2025, Fortinet disclosed that it was only 40% to 50% through the 2026 upgrade cycle, contradicting previous statements about the refresh gaining momentum [8]. - The lawsuit also highlights that Fortinet admitted difficulty in predicting the total number of FortiGates needing upgrades and acknowledged that many customers had excess firewall capacity from prior purchases [8]. - Following the earnings call, Fortinet's stock price dropped over 22% [8]. Next Steps - Investors who purchased Fortinet shares during the class period (November 8, 2024, to August 6, 2025) and suffered losses are encouraged to contact the law firm for more information and to discuss their legal rights [4].