Core Viewpoint - Fortinet (FTNT) stock has experienced a decline of approximately 20% since being rated a buy at $98, now trading just under $79 due to weaker sales momentum and cautious market sentiment [1]. Company Performance - The stock price of Fortinet was initially recommended at $98 in August, but has since dropped to just under $79, indicating a significant decrease in value [1]. - The decline in stock price is attributed to weaker sales momentum, suggesting potential challenges in revenue generation [1]. Analyst Perspective - The analysis emphasizes a focus on clear and disciplined breakdowns of companies, prioritizing numerical data and underlying business performance over market narratives [1]. - The goal is to provide individual investors with an honest view of what is working, what isn't, and where the actual risks and opportunities lie [1].

Core Insights - CrowdStrike and Fortinet are leading companies in the cybersecurity sector, focusing on protecting organizations from cyberattacks [1][2] - The cybersecurity market is projected to grow at a CAGR of 12.45% from 2025 to 2030, driven by increasing cyber threats [2] CrowdStrike Overview - CrowdStrike's Falcon platform is a cloud-native security solution that secures various environments and endpoints [4] - The platform offers 29 cloud modules under a SaaS subscription model, with subscription sales increasing from 72% in fiscal 2017 to 95% in fiscal 2025 [5] - The Falcon Flex subscription model has been a key driver of customer growth, with 48% of subscription customers using six or more modules by the end of Q2 fiscal 2026 [6] - In Q2, CrowdStrike added $221 million in net new annual recurring revenues (ARR), bringing total ARR to $4.66 billion, a 20% increase year-over-year [7] - The company expects revenues for fiscal 2026 and 2027 to be $4.78 billion and $5.80 billion, respectively, indicating a year-over-year increase of around 21% [9][10] Fortinet Overview - Fortinet's Q3 2025 results showed a 14% year-over-year growth in both billings and revenues, with a record operating margin of 37% [11] - The company's SASE business saw significant growth, with Unified SASE billings increasing by 19% and FortiSASE billings rising over 100% [12] - Fortinet's product revenues grew by 18%, driven by demand for hardware upgrades and operational technology security [13] - However, service revenues grew only 13%, indicating slower growth compared to product revenues [14] - For full-year 2025 and 2026, Fortinet's revenue estimates are $6.75 billion and $7.50 billion, reflecting year-over-year increases of approximately 13.3% and 11% [15][16] Price Performance and Valuation - Year-to-date, CrowdStrike shares have increased by 43.4%, while Fortinet shares have decreased by 16.6% [17] - CrowdStrike is trading at a forward sales multiple of 21.97, while Fortinet is at 7.91, indicating higher growth expectations for CrowdStrike [19] - CrowdStrike's strong revenue visibility and growth prospects justify its higher valuation compared to Fortinet [22] Conclusion - CrowdStrike is recommended as a strong buy due to its leadership in the cybersecurity space and robust growth potential, while Fortinet is suggested for holding or waiting for better entry points [22][23]

Core Viewpoint - A class action securities lawsuit has been filed against Fortinet, Inc. for alleged securities fraud affecting investors between November 8, 2024, and August 6, 2025 [1][2]. Group 1: Lawsuit Details - The lawsuit claims that Fortinet's management made false statements regarding the refresh cycle of their products, suggesting it would be more profitable than it actually was, as it involved old products that represented a "small percentage" of the Company's business [2]. - It is alleged that Fortinet misrepresented the number of FortiGate firewalls eligible for upgrades and that the refresh momentum was overstated, with approximately half of the refresh completed in just a few months by the end of Q2 2025 [2]. Group 2: Investor Information - Investors who suffered losses during the specified timeframe have until November 21, 2025, to request appointment as lead plaintiff, although participation in any recovery does not require serving in this role [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees, indicating no financial obligation to participate in the lawsuit [3]. Group 3: Legal Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and is recognized as one of the top securities litigation firms in the United States, with over 70 employees dedicated to serving clients [4].

Core Viewpoint - Fortinet, Inc. is facing a securities fraud class action lawsuit due to misleading statements regarding its business operations and financial performance, particularly related to its firewall upgrade cycle and revenue guidance [4][2]. Group 1: Lawsuit Details - The lawsuit is based on allegations that Fortinet made materially false and misleading statements during the class period from November 8, 2024, to August 6, 2025 [4][5]. - The company reported that it was only "approximately 40% to 50% of the way through the 2026 firewall upgrade cycle" by the end of Q2 2025, which contradicted earlier expectations [2][4]. - Following the release of disappointing financial results and guidance, Fortinet's stock price dropped by $21.28, or 22%, closing at $75.30 per share on August 7, 2025 [3][2]. Group 2: Financial Performance - Fortinet's revenue guidance for Q3 2025 was projected between $1.67 billion and $1.73 billion, which was weaker than market expectations [2]. - The lawsuit claims that the refresh cycle for Fortinet's products was not as lucrative as represented, and the company misrepresented the number of firewalls eligible for upgrades [4]. Group 3: Investor Actions - Investors who acquired Fortinet common stock during the class period are urged to participate in the lawsuit, with a deadline set for November 21, 2025, to seek lead plaintiff status [5][4].

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Fortinet, Inc. regarding a class action lawsuit due to alleged false statements and misrepresentations made by the company during a specific class period [1]. Group 1: Allegations and Misrepresentations - The complaint alleges that Fortinet misrepresented the potential profitability of its product refresh cycle, claiming it would be more lucrative than it actually was, as it involved old products that constituted a "small percentage" of the company's business [1]. - It is claimed that Fortinet did not have a clear understanding of the actual number of FortiGate firewalls eligible for upgrades, misleading investors about the refresh gaining momentum over two years [1]. - The company reportedly pushed through approximately half of the refresh in just a few months, contradicting its statements about the timeline [1]. Group 2: Class Action Participation - Shareholders who purchased shares of Fortinet during the class period from November 8, 2024, to August 6, 2025, are encouraged to register for the class action lawsuit, with a deadline for lead plaintiff applications set for November 21, 2025 [2]. - Once registered, shareholders will receive updates through a portfolio monitoring software regarding the status of the case [2]. - Participation in the class action does not incur any costs or obligations for the shareholders [2].

Core Viewpoint - The Gross Law Firm is notifying shareholders of Fortinet, Inc. about a class action lawsuit related to alleged false statements and misrepresentations made by the company regarding its product refresh cycle and the performance of FortiGate firewalls [1][3]. Summary by Sections Class Action Details - The class period for the lawsuit is from November 8, 2024, to August 6, 2025 [3]. - Allegations include that Fortinet misrepresented the potential profitability of its product refresh cycle, claiming it would be more lucrative than it actually was, and that the refresh consisted of old products which were only a "small percentage" of the company's business [3]. Shareholder Actions - Shareholders who purchased FTNT shares during the specified period are encouraged to register for the class action, with a deadline of November 21, 2025, to seek lead plaintiff status [4]. - Once registered, shareholders will receive updates on the case through a portfolio monitoring software [4]. Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and fraud [5]. - The firm aims to ensure companies engage in responsible business practices and seeks recovery for investors who suffered losses due to misleading statements or omissions [5].

Core Points - Class actions have been initiated on behalf of stockholders of RCI Hospitality Holdings, Inc. and Fortinet, Inc. [1] - Investors have specific deadlines to petition the court to serve as lead plaintiff in these cases [1] RCI Hospitality Holdings, Inc. (NASDAQ:RICK) - The class period for the RCI lawsuit is from December 15, 2021, to September 16, 2025 [7] - Allegations include tax fraud, bribery to cover up tax fraud, and misleading statements regarding the company's legal risks and business operations [7] Fortinet, Inc. (NASDAQ:FTNT) - The class period for the Fortinet lawsuit is from November 8, 2024, to August 6, 2025 [7] - Allegations include misrepresentation of the refresh cycle's profitability, lack of clarity on the number of FortiGate firewalls eligible for upgrades, and misleading statements about the impact of the refresh on business [7] - Following the earnings call on August 6, 2025, Fortinet's stock price fell over 22% due to the revelation of these issues [7]

Core Viewpoint - Fortinet and Crime Stoppers International have launched a pioneering Cybercrime Bounty program aimed at incentivizing the reporting of cybercriminal activities through anonymous tips, enhancing global cyber resilience and collaboration against cybercrime [1][5][6]. Group 1: Partnership and Program Overview - The Cybercrime Bounty program is a first-of-its-kind initiative that combines the resources of Fortinet, a global cybersecurity leader, and CSI, a global crime reporting platform, to combat cybercrime effectively [1][5]. - The program encourages individuals to report cybercriminal activities anonymously, thereby fostering a collaborative approach to enhance cybersecurity for organizations and governments [1][3][6]. Group 2: Objectives and Impact - The initiative aims to accelerate innovation, intelligence sharing, and coordinated responses to cybercrime, ultimately driving deterrence and disruption of cybercriminal operations [2][4]. - By leveraging CSI's anonymous reporting infrastructure and Fortinet's threat intelligence expertise, the program seeks to create a secure channel for reporting cyber threats, leading to actionable investigations and prosecutions [3][4][6]. Group 3: Community Engagement and Accountability - The Cybercrime Bounty program emphasizes the importance of community engagement and the need for strong relationships between private and public sectors to effectively disrupt organized cybercrime [7][8]. - Fortinet's commitment to accountability and collaboration is highlighted, as the company has been working for over 13 years to systematically disrupt cybercriminal operations and enhance global cyber resilience [6][8]. Group 4: Global Leadership and Collaboration - Fortinet's role as a leader in global cybersecurity collaboration is underscored, with insights gained from its participation in initiatives like the World Economic Forum's Cybercrime Atlas [8]. - The partnership with CSI builds on Fortinet's existing collaborations with various organizations, reinforcing its commitment to enhancing global cyber resilience through multi-sector cooperation [8][9].

Core Points - Class actions have been initiated for stockholders of RCI Hospitality Holdings, Inc. and Fortinet, Inc. with deadlines for lead plaintiff petitions approaching [1] RCI Hospitality Holdings, Inc. (NASDAQ:RICK) - The class period for the RCI lawsuit is from December 15, 2021, to September 16, 2025, with a lead plaintiff deadline of November 20, 2025 [5] - Allegations include that defendants engaged in tax fraud and bribery to cover up the fraud, leading to materially false statements about the company's business and operations [5] Fortinet, Inc. (NASDAQ:FTNT) - The class period for the Fortinet lawsuit is from November 8, 2024, to August 6, 2025, with a lead plaintiff deadline of November 21, 2025 [5] - Allegations state that defendants misrepresented the refresh cycle's profitability and concealed the true number of FortiGate firewalls eligible for upgrades [5] - Following the earnings call on August 6, 2025, where it was revealed that Fortinet was only "approximately 40% to 50% of the way through the 2026 upgrade cycle," the stock price fell over 22% [5]

Core Points - A class action securities lawsuit has been filed against Fortinet, Inc. for alleged securities fraud affecting investors between November 8, 2024, and August 6, 2025 [1][2] - The lawsuit claims that Fortinet misrepresented the potential profitability of its product refresh cycle and concealed the true number of FortiGate firewalls eligible for upgrades [2] - Investors have until November 21, 2025, to request to be appointed as lead plaintiff, with no out-of-pocket costs for class members to participate [3] Company Details - The lawsuit alleges that Fortinet's management made false statements regarding the refresh cycle's profitability, stating it would be lucrative when it was actually based on old products that represented a small percentage of the business [2] - Fortinet is accused of misleading investors about the momentum of the refresh cycle, claiming it would gain traction over two years while actually pushing through half of it in just a few months by the end of Q2 2025 [2] Legal Representation - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions for shareholders and being recognized as one of the top securities litigation firms in the U.S. for seven consecutive years [4]