Globenewswireยท2025-10-29 01:16Core Viewpoint - A class action securities fraud lawsuit has been filed against Fortinet, Inc. to recover losses incurred by shareholders due to alleged misrepresentations regarding the company's product refresh cycle and its impact on business performance [1][2][3]. Group 1: Lawsuit Details - The lawsuit seeks to recover losses for shareholders affected by alleged securities fraud occurring between November 8, 2024, and August 6, 2025 [2]. - The complaint alleges that Fortinet's management made false statements and concealed critical information about the refresh cycle of their products, indicating it would not be as profitable as claimed [3]. - It is claimed that Fortinet misrepresented the number of FortiGate firewalls eligible for upgrades and that the refresh was pushed through much faster than communicated to investors [3]. Group 2: Legal Representation - Levi & Korsinsky LLP, a well-established securities litigation firm, is representing the plaintiffs in this case, having a strong track record in securing significant recoveries for shareholders [5]. - The firm has been recognized in the Top 50 Report by ISS Securities Class Action Services for seven consecutive years, highlighting its expertise in complex securities litigation [5].