| COMPANY |
Fastly, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
24-cv-03170 |
| JUDGE |
The Hon. Jon S. Tigar |
| CLASS PERIOD |
February 15, 2024 through May 1, 2024 |
| SECURITY TYPE |
Securities |
Case Background:
This is a class action lawsuit on behalf of those who purchased or acquired Fastly, Inc. (“Fastly”) (NYSE: FSLY) securities between February 15, 2024 and May 1, 2024, both dates inclusive (the “Class Period”).
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) contrary to its representations to investors, Fastly was in fact experiencing a significant deceleration in growth among its largest customers and was losing the increased market share it had gained as a result of the 2023 CDN consolidation trend; (2) the foregoing issues were likely to have a material negative impact on the company's revenue growth; (3) accordingly, Fastly was unlikely to meet its own previously issued revenue guidance for FY 2024; (4) as a result, the company's financial position and/or prospects were overstated; and (5) as a result, the company's public statements were materially false and misleading at all relevant times.
Current Status of Case:
On August 22, 2024, the Court granted Motion for Appointment as Lead Plaintiff and Approved Co-Lead Counsel. Lead Plaintiff filed an Amended Complaint on November 1, 2024. On January 15, 2025, Defendants filed a Motion to Dismiss the Amended Complaint. This Motion is currently being briefed and pending before the Court. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.