Fortinet Shareholders Encouraged to Contact Gross Law Firm Regarding Possible Lead Plaintiff Appointment

Strategic Insights -

Gross Law Firm issued a notice to Fortinet shareholders who purchased shares during a specified class period, encouraging them to contact the firm regarding possible lead plaintiff appointment. The notice was made on October 20, 2025, in connection with a class action lawsuit alleging false and misleading statements by Fortinet's defendants regarding the refresh cycle of their products. Shareholders who purchased Fortinet shares from November 8, 2024 to August 6, 2025, are eligible to participate in the lawsuit.

Key Takeaways:

  • The class action lawsuit alleges that Fortinet's defendants made false and misleading statements regarding the refresh cycle of their products, including downplaying the percentage of old products in the business and misrepresenting the number of FortiGate firewalls that could be upgraded.
  • The lawsuit also claims that Fortinet misrepresented the progress of the refresh cycle, saying it would gain momentum over two years, while actually pushing through roughly half of the refresh in a few months by the end of 2Q 2025.
  • The Gross Law Firm is seeking recovery on behalf of investors who incurred losses due to the false and/or misleading statements made by Fortinet's defendants.
  • Shareholders who purchased Fortinet shares from November 8, 2024 to August 6, 2025, are eligible to participate in the lawsuit.
  • The deadline to seek to be a lead plaintiff is November 21, 2025.
  • There is no cost or obligation to participate in the case.

Statistics:

  • Date of notice: October 20, 2025
  • Class period: November 8, 2024 to August 6, 2025
  • Deadline to seek to be a lead plaintiff: November 21, 2025

Sources:

  • The Gross Law Firm notice (October 20, 2025)
  • The Gross Law Firm's website for more information on the case and to register as a shareholder