What's Happening?
The Rosen Law Firm has announced an opportunity for investors in Fortinet, Inc. to lead a securities fraud class action lawsuit. The lawsuit pertains to alleged materially false and misleading statements made by Fortinet regarding the business impact and sustainability of a purportedly record round of FortiGate unit upgrades. These statements were made during the class period from November 8, 2024, to August 6, 2025. The lawsuit claims that Fortinet misrepresented the potential revenue from these upgrades, which were said to generate $400 million to $450 million in product revenue for 2025 and 2026. However, it is alleged that the upgrades involved older products that constituted a small percentage of the company's business, and that Fortinet had already pushed through a significant portion of the upgrades by the end of the second quarter of 2025.
Why It's Important?
This lawsuit is significant as it highlights the potential for substantial financial repercussions for Fortinet and its investors. If the allegations are proven true, it could result in significant financial settlements or penalties for Fortinet, impacting its financial standing and investor confidence. The case underscores the importance of transparency and accuracy in corporate communications, particularly in financial projections and product updates. Investors who purchased Fortinet stock during the specified period may have suffered financial losses due to the alleged misrepresentations, and the outcome of this lawsuit could provide them with a means of recouping those losses.
What's Next?
Investors interested in leading the class action must move the court by November 21, 2025, to be considered for the lead plaintiff role. The lead plaintiff will act on behalf of other class members in directing the litigation. The Rosen Law Firm encourages investors to select qualified counsel with a proven track record in securities class actions. As the case progresses, it will be important to monitor any developments or settlements that may arise, as these could have broader implications for Fortinet's business operations and investor relations.
