Overview

A class action lawsuit has been filed against Fortinet, Inc. (“Fortinet” or the “Company”) and certain of the Company’s current and former senior executive officers alleging violations of the federal securities laws. The Company’s common stock trades on the NASDAQ stock exchange under the ticker symbol “FTNT.”

The Fortinet class action lawsuit was brought on behalf of all persons and entities who purchased or otherwise acquired Fortinet common stock between November 8, 2024 through August 6, 2025, both dates inclusive, (the “Class Period”).

Fortinet is a cybersecurity company whose core product line is its FortiGate firewalls, designed to monitor, filter, and control network traffic to protect trusted systems from external threats.

The lawsuit alleges that Defendants misrepresented the scope, timing, and profitability of a large FortiGate firewall upgrade cycle. Defendants told investors that this refresh would be the largest in the Company’s history, covering approximately 650,000 units—or one quarter of the total installed base—and would generate $400 to $450 million in product revenue across 2025 and 2026. They further claimed it would create long-term opportunities to cross-sell other products and services, assuring investors that momentum would build in the second half of 2025 and beyond.

In reality, the lawsuit alleges that the refresh could never deliver the promised results. The cycle consisted largely of older products representing only a small percentage of Fortinet’s business, and nearly half of the eligible upgrades had already been pushed through by the end of the second quarter of 2025. Moreover, Defendants lacked a clear understanding of how many units could actually be upgraded, and many customers still had excess firewall capacity from prior years, further limiting demand.

On August 6, 2025, during Fortinet’s second-quarter earnings call, Defendants disclosed that 40% to 50% of the 2026 upgrade cycle had already been completed. They also acknowledged that it was difficult to predict the true number of eligible upgrades, admitted that customer needs were lower due to excess prior capacity, and revealed that the refresh could not materially impact results because the relevant products were 12 to 15 years old, sold when Fortinet’s business was significantly smaller.

Following these disclosures, Fortinet’s stock price declined over 22%, falling from $96.58 per share on August 6, 2025, to $75.30 per share on August 7, 2025, on unusually heavy trading volume.

*          *          *

If you purchased or otherwise acquired Fortinet common stock between November 8, 2024 through August 6, 2025, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as lead plaintiff in the Fortinet class action lawsuit is November 20, 2025.