Fortinet Investors Face Nov. 21 Deadline in Securities Class Action Over FortiGate Refresh Claims
The suit alleges Fortinet misled the market about a "record" FortiGate upgrade cycle, including projected $400–$450 million in revenue.
Overview
- Lead-plaintiff motions are due November 21, 2025 for investors who bought Fortinet stock between November 8, 2024 and August 6, 2025.
- Plaintiff firms Kessler Topaz, Rosen Law, and the Law Offices of Howard G. Smith issued investor notices on October 20–21 seeking potential lead plaintiffs.
- The complaint claims Fortinet promoted a large FortiGate refresh with expected product revenue of about $400–$450 million across 2025 and 2026.
- Filings allege the refresh relied on older, small-share products, lacked a reliable count of upgradeable firewalls, and was accelerated with roughly half completed by the end of Q2 2025.
- No class has been certified, and the notices state investors suffered losses after the market learned the alleged details.