The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of investors who purchased Fortinet, Inc. (“Fortinet” or the “Company”) (NASDAQ: FTNT) common stock between November 8, 2024 through August 6, 2025, inclusive (the “Class Period”). Fortinet investors have until November 21, 2025 to file a lead plaintiff motion.

IF YOU SUFFERED A LOSS ON YOUR FORTINET, INC. (FTNT) INVESTMENTS, CLICK HERE TO SUBMIT A CLAIM TO POTENTIALLY RECOVER YOUR LOSSES IN THE ONGOING SECURITIES FRAUD LAWSUIT.

You can also contact the Law Offices of Frank R. Cruz to discuss your legal rights by email at info@frankcruzlaw.com, by telephone at (310) 914-5007, or visit our website at www.frankcruzlaw.com.

What Happened?

On August 6, 2025, Fortinet released its second quarter 2025 financial results, revealing that the Company was “approximately 40% to 50% of the way through the 2026 [firewall] upgrade cycle at the end of the second quarter based on the remaining active units and service contracts[.]” Additionally, the Company issued weaker-than-expected revenue guidance for the upcoming third quarter, projecting revenue between $1.67 billion and $1.73 billion.

On this news, Fortinet’s stock price fell $21.28, or 22%, to close at $75.30 per share on August 7, 2025, thereby injuring investors.

What Is The Lawsuit About?

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the refresh cycle would never be as lucrative as they represented, nor could it, because it consisted of old products that were a “small percentage” of the Company’s business; (2) Defendants did not have a clear picture of the true number of FortiGate firewalls that could be upgraded; (3) 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 months, by the end of 2Q 2025; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Contact Us To Participate or Learn More:

If you purchased Fortinet common stock, wish to learn more about this action, or have any questions concerning this announcement or your rights or interests with respect to these matters, please click HERE or contact us at:

Law Offices of Frank R. Cruz

2121 Avenue of the Stars, Suite 800

Telephone: 310-914-5007

Email: info@frankcruzlaw.com

Visit our website at: www.frankcruzlaw.com

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250924595012/en/

Law Offices of Frank R. Cruz Encourages Fortinet, Inc. (FTNT) Investors To Inquire About Securities Fraud Class Action