FTNT INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Announces that Fortinet, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit

By: Robbins Geller Rudman & Dowd LLP via Business Wire

September 23, 2025 at 11:01 AM EDT

The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Fortinet, Inc. (NASDAQ: FTNT) common stock between November 8, 2024 and August 6, 2025, inclusive (the “Class Period”), have until November 21, 2025 to seek appointment as lead plaintiff of the Fortinet class action lawsuit. Captioned Oklahoma Firefighters Pension and Retirement System v. Fortinet, Inc., No. 25-cv-08037 (N.D. Cal.), the Fortinet class action lawsuit charges Fortinet and certain of Fortinet’s top current and former executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Fortinet class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-fortinet-inc-class-action-lawsuit-ftnt.html

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.

CASE ALLEGATIONS: Fortinet provides cybersecurity and convergence of networking and security solutions.

The Fortinet class action lawsuit alleges that: (i) defendants knew that 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 Fortinet’s business; (ii) defendants misrepresented and concealed that they did not have a clear picture of the true number of FortiGate firewalls that could be upgraded; and (iii) 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 the second quarter of 2025.

The Fortinet class action lawsuit further alleges that on August 6, 2025, Fortinet revealed during its earnings call that Fortinet was already “approximately 40% to 50% of the way through the 2026 upgrade cycle at the end of the second quarter [of 2025].” The complaint also alleges that defendants: (i) admitted that “it’s hard[] for us to predict” the total number of FortiGates requiring an upgrade; (ii) suggested customers had “excess [firewall] capacity from [purchasing firewalls in] prior years” and therefore did not need to upgrade; and (iii) revealed that the refresh could not have had “much business impact” as it consisted of only a “small percentage” of Fortinet’s business because the products were “12 to 15 years” old and had been sold at a time when Fortinet’s business was 5-10 times smaller, meaning that the total number of FortiGates eligible for an upgrade was inherently limited. On this news, the price of Fortinet common stock fell more than 22%, according to the complaint.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Fortinet common stock during the Class Period to seek appointment as lead plaintiff in the Fortinet class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Fortinet class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Fortinet class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Fortinet class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud and shareholder litigation. Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors. In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

Past results do not guarantee future outcomes.

Services may be performed by attorneys in any of our offices.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250923642098/en/

Contacts

Robbins Geller Rudman & Dowd LLP

J.C. Sanchez, Jennifer N. Caringal

655 W. Broadway, Suite 1900, San Diego, CA 92101

800-449-4900

info@rgrdlaw.com

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FTNT INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Announces that Fortinet, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit

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