Fortinet(US:FTNT) Prnewswire·2025-10-15 15:29Core Viewpoint - A securities class action lawsuit has been filed against Fortinet, Inc. for alleged misleading statements and omissions regarding the company's business operations and prospects during the Class Period from November 8, 2024, to August 6, 2025 [1] Allegations Against Fortinet - 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 business [2] - It is alleged that Fortinet did not have a clear understanding of the 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 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 regarding its business 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 lawsuit [3] - The lead plaintiff will represent the interests of all class members and select legal counsel for the case [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]