Securities Fraud Lawsuit Filed Against Fortinet, Inc.

Strategic Insights -

A class action securities lawsuit has been filed against Fortinet, Inc. (NASDAQ: FTNT) alleging securities fraud. The lawsuit claims that Fortinet made false statements and concealed information about its refresh cycle, leading to losses for investors.

Key Takeaways:

  • The lawsuit alleges that Fortinet's executives made false statements and concealed information about the refresh cycle, which consisted of old products that were a small percentage of the Company's business.
  • Defendants misrepresented and concealed the true number of FortiGate firewalls that could be upgraded.
  • Fortinet allegedly pushed through roughly half of the refresh in a period of months by the end of 2Q 2025.
  • Investors who suffered losses during the relevant time frame have until November 21, 2025 to request that the Court appoint them as lead plaintiff.
  • Participation in the lawsuit requires no out-of-pocket costs or fees.
  • Levi & Korsinsky, LLP is representing the investors in this case, with a team of over 70 employees and a track record of securing hundreds of millions of dollars for aggrieved shareholders.
  • The firm has been ranked in the ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States for seven years in a row.

Statistics:

  • Number of months in the relevant time frame: 9 months (November 8, 2024 to August 6, 2025)
  • Date by which investors must request to be appointed as lead plaintiff: November 21, 2025
  • Percentage of Fortinet's business that the refresh cycle consisted of: a small percentage
  • Number of FortiGate firewalls that could be upgraded: unknown, misrepresented by defendants
  • Number of employees at Levi & Korsinsky, LLP: over 70

Sources:

  • GLOBE NEWSWIRE, Oktober 17, 2025, "Levi & Korsinsky, LLP Notifies Investors of Class Action Lawsuit in Fortinet, Inc."
  • COMTEX_469594109/2010/2025-10-17T16:42:00, press release of Levi & Korsinsky, LLP