Join the Fortinet (FTNT) Securities Class Action Lawsuit

Shamis & Gentile P.A., one of the nation's premier class action law firms specializing in securities fraud cases, is investigating potential claims against Fortinet, Inc. (FTNT)

If you purchased or acquired Fortinet, Inc. securities between November 8, 2024 and August 6, 2025, you may be eligible to join this class action lawsuit and seek compensation for your losses.

About Fortinet

Fortinet is a global provider in the computer and network security industry that develops cybersecurity solutions for people, devices, and data worldwide.

The company's business model relies on both product revenue (hardware and software sales) and service revenue (subscriptions and support). The FortiGate firewall line is central to its operations, and periodic hardware refresh cycles are a significant driver of sales and upgrades.

The Allegations

The lawsuit alleges that Fortinet and several of its top executives made false and misleading statements about a major “refresh cycle” involving approximately 650,000 FortiGate firewall units; about one quarter of the company’s total installed base.

According to the complaint, Fortinet told investors that this refresh cycle was the largest in its history and would generate around $400 million to $450 million in product revenue across 2025 and 2026.

Executives also allegedly claimed that the refresh would “gain momentum” in the second half of 2025 and beyond. However, it is alleged that these statements were materially false or omitted critical information.

The complaint asserts that the refresh involved only a small percentage of Fortinet’s business, that a significant portion of the upgrades had already occurred by mid-2025, and that management lacked clear data on how many devices were actually eligible for an upgrade.

When the alleged truth was revealed on August 6, 2025, Fortinet admitted that 40% to 50% of the refresh cycle was already complete and that the business impact would be limited.

Following this disclosure, Fortinet’s stock price dropped sharply, falling over 22% from $96.58 per share on August 6, 2025, to $75.30 per share on August 7, 2025. This sudden drop erased billions in market value and resulted in substantial losses for investors who purchased shares during the class period.

Important Dates

• Class period: November 8, 2024 to August 6, 2025
• Lead plaintiff deadline: November 21, 2025
• Complaint filed: September 22, 2025

Your Rights and Next Steps

If you purchased or held Fortinet securities during the class period, you have important legal rights. You may be eligible to join the class action lawsuit as a member of the class seeking recovery for your investment losses.

To participate as a lead plaintiff, you must file a motion with the court by the lead plaintiff deadline of November 21, 2025. The lead plaintiff acts on behalf of all class members and works with lawyers to direct the litigation.

However, you do not need to become a lead plaintiff to share in any potential recovery; all eligible investors who purchased during the class period may benefit if the case results in a settlement or judgment.

Lawyers are ready to help guide you through the process, answer your questions, and evaluate your eligibility.

You May Be Entitled to Compensation

If you suffered losses in Fortinet securities between November 8, 2024 and August 6, 2025, you may be entitled to compensation.

To find out if you qualify to join the class action lawsuit and to protect your rights, complete the below form. Lawyers are ready to help you take the next steps.