Shareholders who lost money in shares against Fortinet, Inc. (NASDAQ: FTNT)  Should Contact Wolf Haldenstein Immediately

Lead Plaintiff Deadline is November 21, 2025

NEW YORK, Oct. 01, 2025 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed against Fortinet, Inc. (NASDAQ : FTNT) (“Fortinet ” or the “Company”).

PLEASE CLICK HERE TO JOIN THE CASE AND SUBMIT CONTACT INFORMATION

 Fortinet Securities Class Action Lawsuit Summary

• Court: United States District Court for the Northern District of California.
• Class Period: November 8, 2024 – August 6, 2025.
• Defendants: Fortinet, Inc. and certain senior executives.
• Claims: Violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

Allegations

• Fortinet, known for its FortiGate firewalls, experienced slowing product growth in 2023–2024.
• In late 2024, the company told investors it was entering a major firewall "refresh cycle," calling it the largest ever and projecting $400M–$450M in product revenue for 2025–2026.
• Executives claimed the refresh would build momentum in 2H 2025 and create strong cross-selling opportunities.
• The lawsuit alleges these statements were false and misleading because:
  • The refresh involved old products representing only a small part of Fortinet’s business.
  • Fortinet lacked clarity on how many firewalls could actually be upgraded.
  • The company had already pushed through nearly half of the refresh by 2Q 2025, undermining claims of future momentum.

Disclosure & Stock Drop

• On August 6, 2025 (2Q 2025 earnings call), Fortinet revealed:
  • It was already 40–50% through the 2026 upgrade cycle.
  • Customers had excess firewall capacity from prior purchases and did not need upgrades.
  • The refresh was a small percentage of the business, tied to products 12–15 years old.
• Following this news, Fortinet’s stock fell 22%, from $96.58 to $75.30 on August 7, 2025.

Next Steps for Investors: Shareholders who suffered losses can seek appointment as lead plaintiff prior to November 21, 2025 by contacting Wolf Haldenstein.

Why Wolf Haldenstein Adler Freeman & Herz LLP?:

This illustrious firm, founded in 1888, is steadfast in their pursuit of justice for investors who have suffered financial harm due to these misrepresented statements. The law firm brings to the fore over 125 years of legal expertise in securities litigation and has a proven track record of protecting the rights of investors.

We encourage all investors who have been affected or have information that will assist in our investigation, to contact Wolf Haldenstein Adler Freeman & Herz LLP.

Contact:

• Phone: (800) 575-0735 or (212) 545-4774
• Email: classmember@whafh.com
• Contact Person: Gregory Stone, Director of Case and Financial Analysis

Firm Website: Wolf Haldenstein Adler Freeman & Herz LLP

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