Fortinet Sued Over Misleading Upgrade Claims

Fortinet promised record growth. Executives said a massive firewall "refresh cycle" would drive hundreds of millions in new revenue through twenty twenty-six. They told investors the upgrade wave was "by far the largest ever."

But the truth? That cycle wasn't new demand at all - it was mostly outdated firewalls, sold more than a decade ago, making up only a small slice of Fortinet's business. By summer twenty twenty-five, the company had already forced through nearly half of the upgrades - leaving little left to boost sales.

When Fortinet finally admitted it was already fifty percent through the so-called two-year cycle, the illusion collapsed. The stock fell more than twenty-two percent overnight. Investors were blindsided - and now, more of them are joining the lawsuit.