Overview
- The pending class action targets purchases from November 8, 2024 through August 6, 2025 over alleged misstatements tied to a FortiGate refresh.
- Filings cite claims that executives overstated the size and revenue potential of the upgrade push, including projections of about $400 million to $450 million in 2025–2026.
- The complaint alleges the refresh relied on older, low-share products, that the company lacked a clear count of upgradeable devices, and that roughly half the upgrades were pushed through by the end of Q2 2025.
- Glancy Prongay & Murray, The Gross Law Firm, Rosen Law Firm, and Bronstein, Gewirtz & Grossman have issued notices inviting investors to move for lead plaintiff by November 21, 2025.
- No class has been certified and the claims remain unproven, with investors not represented by class counsel unless they retain one.