FTNT INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Files Class Action Lawsuit Against Fortinet, Inc. and Announces Opportunity for Investors with Substantial Losses to Lead Class Action Lawsuit
SAN DIEGO, Oct. 16, 2025 (GLOBE NEWSWIRE) -- 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 State of Rhode Island Office of the General Treasurer on behalf of the Employees’ Retirement System of the State of Rhode Island v. Fortinet, Inc., No. 25-cv-08888 (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 describes itself as a leader in cybersecurity providing a range of hardware and software products to address their customers’ network and security needs. Fortinet’s flagship product is a hardware networking and security device called the FortiGate, which is a firewall that protects customers’ computer systems from outside cybersecurity threats. At the eve of the Class Period, Fortinet began touting an upcoming “forced upgrade” of FortiGate firewalls, informing investors that this would result in a record upgrade cycle that would drive product revenues above and beyond Fortinet’s historical growth rates as customers would be compelled to purchase Fortinet’s newer firewall offerings to properly ensure their cybersecurity.
But as the Fortinet class action lawsuit alleges, defendants throughout the Class Period failed to disclose that: (i) the number of units subject to a forced upgrade was smaller and comprised of more low-end units than represented to investors; (ii) the age and cost of certain devices in the forced upgrade cohort would not meaningfully impact current revenues; (iii) defendants lacked necessary data on the end users to assess the impact of the end-of-service event in 2026; (iv) the 2026 forced upgrade cycle had materially progressed during the second half of 2024 and first half of 2025; (v) in the absence of customers upgrading as part of the 2026 forced upgrade cycle, Fortinet’s reported product sales would have been flat or negative; and (vi) thus, the 2026 forced upgrade cycle would not be a meaningful driver of growth for Fortinet during the second half of 2025 and 2026.
The Fortinet class action lawsuit further alleges that on August 6, 2025 Fortinet revealed that the 2026 forced upgrade cycle was already 40%-50% complete as of the end of the second quarter of 2025 – i.e., June 30, 2025. What investors had been led to believe would be a growth driver for the second half of 2025 and 2026 was in fact halfway complete more than a month prior and had already occurred without a material impact on revenues – in fact it appeared to be covering for poor product sales unrelated to the forced upgrade, the complaint alleges. On this news, the price of Fortinet common stock fell more than 22%, according to the Fortinet class action lawsuit.
The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here.
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.
Contact:
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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