Fortinet plunges 12% on market sell-off; company suspends Russian operations
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Fortinet (NASDAQ:FTNT) shares sold off sharply on Monday, losing more than 12% amid a broader market sell-off. The cyber security company also announced it would be suspending its operations in Russia due to the country's invasion of Ukraine.

"Like many around the world, we are watching what's happening in Ukraine with great concern and as a result are compelled to take action," Ken Xie, Fortinet (FTNT) Founder, Chairman of the Board, and Chief Executive Officer said in a statement. "We regret the impact this will have on our employees, partners, and customers who are adversely impacted by the actions of the Russian government."
Fortinet (FTNT) shares fell more than 12% to $294.87 in late trading on Monday. Other cyber security stocks were also lower, with Zscaler (NASDAQ:ZS), Check Point Software Technologies (NASDAQ:CHKP) and Palo Alto Networks (NASDAQ:PANW)
down more than 3% on Monday.
Last month, Wedbush Securities said Fortinet (FTNT) would be one of the cyber security companies to benefit due to a potential increase in cyber attacks as a result of the Russian invasion.