Fortinet, Inc. Faces Class Action Securities Lawsuit over Alleged Securities Fraud

Strategic Insights -

A securities class action lawsuit was filed against Fortinet, Inc. alleging that the company made false statements and concealed its true financial situation from investors between November 8, 2024 and August 6, 2025. The complaint claims that Fortinet misrepresented the lucrative nature of its refresh cycle and the number of FortiGate firewalls that could be upgraded. As a result, shareholders who lost money on their investments may be entitled to seek a recovery.

Key Takeaways:

  • The lawsuit seeks to recover losses of shareholders who were allegedly affected by Fortinet's alleged securities fraud.
  • The complaint claims that Fortinet made false statements about the refresh cycle and the number of FortiGate firewalls that could be upgraded.
  • The alleged securities fraud occurred between November 8, 2024 and August 6, 2025.
  • Levi & Korsinsky, LLP is representing the shareholders in the lawsuit and has a track record of securing hundreds of millions of dollars for aggrieved shareholders.
  • The law firm has extensive expertise in complex securities litigation and has been ranked in ISS Securities Class Action Services' Top 50 Report for seven years in a row.
  • The lawsuit is ongoing and shareholders who suffered losses may be entitled to seek a recovery.

Statistics:

  • The alleged securities fraud occurred over a period of approximately 10 months (November 8, 2024 - August 6, 2025).
  • The refresh cycle, which was misrepresented by Fortinet, consisted of old products that made up a small percentage of the company's business.
  • The number of FortiGate firewalls that could be upgraded was allegedly misrepresented by Fortinet.
  • Levi & Korsinsky, LLP has secured hundreds of millions of dollars for aggrieved shareholders in the past 20 years.

Sources:

  • Levi & Korsinsky News Release, October 14, 2025 - "Levi & Korsinsky Announces Class Action Lawsuit Against Fortinet, Inc."
  • Newsfile Corp. - "Fortinet, Inc. Investor Alert: Investigation of Possible Securities Fraud in Fortinet Stock and Request for Shareholder Information"