F5, Inc. (FFIV) Investigation

The investigation is focused on the timing and propriety of F5’s disclosures about the sufficiency of its cybersecurity response plan and its effect on its business and growth prospects.

On October 15, 2025, F5 disclosed to investors that “[i]n August 2025, we learned a highly sophisticated nation-state threat actor maintained long-term, persistent access to, and downloaded files from, certain F5 systems.” Following this disclosure, the price of F5 shares fell $47.82 (-13.9%) over the next two trading days.

The effects of the incident became clearer on October 27, 2025, after the company reported its Q4 and FY 2025 financial results. During the earnings call that day, F5 management guided for 2026 revenue growth of only 0% to 4% as compared to 2025 revenue growth of 10%.

Management largely attributed the steep deceleration as “based on what we see as potential near-term impact related to this security incident.” Management also said “it would be natural that in some of our customers, at an executive level, we may see some delays of approvals or delays of deals or additional approvals, as customers across a complex organization make sure that they want to be reassured that their projects should move forward[.]”

This news sent the price of F5 shares sharply lower, wiping out over $1.3 billion of shareholder value on October 28, 2025.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the FFIV investigation about?

We are focused on when F5 determined that the August 2025 cybersecurity incident was material and whether the company timely informed investors consistent with the SEC’s 4 business day rule and which might have predated the October 15 disclosure.

WHAT SHOULD I DO?

I worked at FFIV. What should I do?

If you were an employee of FFIV, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in FFIV, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any FFIV investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.