The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Fastly, Inc. (FSLY)

Business Wire 19-Jul-2024 11:00 AM

The Law Offices of Frank R. Cruz reminds investors of the upcoming July 23, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Fastly, Inc. ("Fastly" or the "Company") (NYSE:FSLY) securities between February 15, 2024 and May 1, 2024, inclusive (the "Class Period").

If you are a shareholder who suffered a loss, click here to participate.

On May 1, 2024, Fastly released its first quarter 2024 financial results, missing consensus estimates of revenue by $0.35 million. The Company also lowered its full year revenue guidance. The Company explained that it was experiencing material contract repricing in its top customers.

On this news, Fastly's stock price fell $4.14, or 32%, to close at $8.79 per share on May 2, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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, the Company 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, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Fastly securities during the Class Period, you may move the Court no later than July 23, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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