Fastly, Inc.is the subject of a class action lawsuit, filed on behalf of shareholders, regarding alleged violations of federal securities laws.
If you have investment losses due to Fastly, Inc. (FSLY), please contact Silver Law Group at (800) 975-4345 or at ssilver@silverlaw.com. The deadline to apply to be lead plaintiff (class representative) is July 23, 2024.
Fastly, Inc. is an American cloud computing service provider that was founded in March 2011. Its platform allows users access to its content delivery network, image optimization, video and streaming, cloud security, and load balancing services.
On February 14, 2024, Fastly provided an optimistic full year 2024 revenue guidance of $580-590 million. Its CEO Todd Nightingale promoted the company’s progress and strong positioning for 2024.
On May 1, 2024, Fastly announced Q1 2024 results, which reported revenue of only $133.52 million, missing consensus estimates of $0.35 million. Fastly also lowered its FY 2024 guidance to $555-565 million, which is well below the revenue guidance provided months earlier.
On May 2, 2024, Bank of America downgraded Fastly stock from “Buy” to “Underperform,” cutting its price target from $18 to $8 per share. The downgrade cited decelerating growth in largest customers, share loss in delivery, and limited visibility for 2H 2024.
Following these developments, Fastly’s stock price plummeted 32.02%, closing at $8.79 per share on May 2, 2024.
A class action complaint has been filed which alleges that Fastly made materially false and misleading statements about its business prospects. Specifically, it’s claimed that Fastly failed to disclose:
It is alleged that Fastly’s public statements were materially false and misleading at all relevant times.
Silver Law Group is a nationally recognized law firm representing victims of securities and investment fraud. Our attorneys represent investors nationwide in class action lawsuits against issuers in state and federal court for violations of the federal securities laws and breach of fiduciary duties.
Scott Silver, Silver Law Group’s managing partner is the Chairman of the Securities and Financial Fraud Group of the American Association of Justice, a member of the National Trial Lawyer’s Class Action Group, and he routinely speaks at industry conferences about securities and investment fraud. Contact us for a no-cost consultation at ssilver@silverlaw.com or call (800) 975-4345.
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