Rosen Law Firm Urges Fortinet, Inc. (NASDAQ: FTNT) Stockholders with Large Losses to Contact the Firm for Information About Their Rights

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3:41 PM on Tuesday, September 23

The Associated Press

NEW YORK--(BUSINESS WIRE)--Sep 23, 2025--

Rosen Law Firm, a global investor rights law firm, announces that a shareholder filed a class action lawsuit on behalf of purchasers and acquirers of Fortinet, Inc. (NASDAQ: FTNT) common stock between November 8, 2024 and August 6, 2025, both dates inclusive (the “Class Period”). Fortinet is a cyber security company.

For more information, submit a form, email attorney Phillip Kim, or give us a call at 866-767-3653.

The Allegations: Rosen Law Firm is Investigating the Allegations that Fortinet, Inc. (NASDAQ: FTNT) Misled Investors Regarding its Business Operations.

According to the lawsuit, defendants made materially false and misleading statements concerning the business impact and sustainability of a purportedly “record” round of FortiGate unit upgrades. Defendants represented that this “refresh cycle” was “by far the largest we’ve seen probably ever,” would generate “around $400 million to $450 million in product revenue” in 2025 and 2026, and would create strong opportunities to cross-sell additional products and services. Defendants also represented that the refresh cycle would “gain momentum” in the second half of 2025 and beyond.

The lawsuit alleges these statements were materially false and misleading. In truth, defendants knew that the refresh cycle would never be as lucrative as they represented because it consisted of old products that were a “small percentage” of the Company’s business. Moreover, defendants misrepresented and concealed that they did not have a clear picture of the true number of FortiGate firewalls that could be upgraded. And while telling investors that the refresh would gain momentum over the course of two years, Fortinet misrepresented and concealed that it had aggressively pushed through roughly half of the refresh in a period of just a few months, by the end of 2Q 2025. When the true details entered the market, the lawsuit claims that investors suffered damages.

What Now: You may be eligible to participate in the class action against Fortinet, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by November 21, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Rosen Law Firm: Some law firms issuing releases about this matter do not actually litigate securities class actions. Rosen Law Firm does. Rosen Law Firm is a recognized leader in shareholder rights litigation, dedicated to helping shareholders recover losses, improving corporate governance structures, and holding company executives accountable for their wrongdoing. Since its inception, Rosen Law Firm has obtained over $1 billion for shareholders.

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Attorney Advertising. Prior results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20250923717713/en/

CONTACT: Laurence Rosen, Esq.

Phillip Kim, Esq.

The Rosen Law Firm, P.A.

275 Madison Avenue, 40th Floor

New York, NY 10016

Tel: (212) 686-1060

Toll Free: (866) 767-3653

Fax: (212) 202-3827

[email protected]