NEW YORK CITY, NY / ACCESS Newswire / September 26, 2025 / Pomerantz LLP announces that a class action lawsuit has been filed against Fortinet, Inc. ("Fortinet" or the "Company") (NASDAQ:FTNT). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Fortinet and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until November 21, 2025 to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Fortinet securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On August 6, 2025, Fortinet disclosed during its quarterly earnings call that it was already "approximately 40% to 50% of the way through the 2026 upgrade cycle" for its FortiGate firewalls – the Company’s most important product – at the end of the second quarter" of 2025. Fortinet (i) admitted that "it’s hard[] for us to predict" the total number of FortiGates requiring an upgrade; (ii) suggested customers had "excess [firewall] capacity from [purchasing firewalls in] prior years" and therefore did not need to upgrade; and (iii) revealed that the refresh could not have had "much business impact" as it consisted of only a "small percentage" of the Company’s business, as the age of the products at issue inherently limited the number of FortiGates eligible for an upgrade.
On this news, Fortinet’s stock price fell $21.28 per share, or 22.03%, to close at $75.30 per share on August 7, 2025.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
SOURCE: Pomerantz LLP
View the original press release on ACCESS Newswire
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