Sign in Subscribe
Law firms

Fortinet Class Action Lawsuit: Investors Reminded of Important Deadline

Strategic Insights

— 1 min read

Purchasers of common stock of Fortinet, Inc. between November 8, 2024 and August 6, 2025 may be entitled to compensation due to allegedly false and misleading statements made by the company. The lawsuit claims that defendants misrepresented the business impact and sustainability of a "record" round of FortiGate unit upgrades, which would supposedly generate $400 million to $450 million in product revenue in 2025 and 2026. The company allegedly knew that the refresh cycle would not be as lucrative as represented, and misrepresented the number of FortiGate firewalls that could be upgraded.

Key Takeaways:

  • Fortinet, Inc. is accused of making false and misleading statements about their "record" round of FortiGate unit upgrades.
  • The lawsuit claims that defendants misrepresented the business impact and sustainability of the upgrades, leading to damages for investors.
  • The refresh cycle allegedly consisted of old products that made up a small percentage of the company's business.
  • Defendants misrepresented the number of FortiGate firewalls that could be upgraded, and the pace at which the upgrades would occur.
  • Investors who purchased Fortinet common stock between November 8, 2024 and August 6, 2025 may be eligible for compensation.
  • The lawsuit was filed by the Rosen Law Firm, which has a track record of success in securities class actions and shareholder derivative litigation.
  • The firm has secured hundreds of millions of dollars for investors in the past, including a record-breaking settlement against a Chinese Company.
  • The Rosen Law Firm has been ranked as one of the top firms in securities class action settlements by ISS Securities Class Action Services.

Statistics:

  • $400 million to $450 million: the estimated product revenue generated by the "record" round of FortiGate unit upgrades, according to defendants.
  • $438 million: the amount secured by the Rosen Law Firm for investors in 2019.
  • 2013: the year the Rosen Law Firm was first ranked in the top 4 for securities class action settlements by ISS Securities Class Action Services.
  • 2017: the year the Rosen Law Firm was ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements.
  • 2020: the year founding partner Laurence Rosen was named a Titan of Plaintiffs' Bar by Law360.

Sources:

  • Press release by The Rosen Law Firm, P. A. dated October 16, 2025.
  • ISS Securities Class Action Services website.

Read more