Fortinet(US:FTNT) Globenewswire·2025-10-21 22:03Core Viewpoint - A class action lawsuit has been filed against Fortinet, Inc. for alleged misrepresentations regarding its product refresh cycle and the true number of FortiGate firewalls eligible for upgrades, leading to significant investor losses [7]. Allegation Details - The lawsuit claims that Fortinet's management misrepresented the potential profitability of the refresh cycle, stating it would not be as lucrative as suggested due to the age and limited scope of the products involved [7]. - It is alleged that Fortinet concealed the uncertainty regarding the number of FortiGates that required upgrades and misled investors about the momentum of the refresh cycle [7]. - Following the earnings call on August 6, 2025, where Fortinet disclosed that it was only 40% to 50% through the upgrade cycle, the stock price dropped over 22% [7]. Next Steps - Investors who purchased Fortinet shares during the specified 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]. - The deadline for investors to apply to be appointed as lead plaintiff in the lawsuit is November 21, 2025 [7]. About the Law Firm - Bragar Eagel & Squire, P.C. is a nationally recognized law firm that represents individual and institutional investors in complex litigation across various courts in the United States [5].