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TUESDAY INVESTOR DEADLINE: Robbins Geller Rudman & Dowd LLP Announces that Fastly, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit - FSLY
Globe Newswire 21-Jul-2024 9:59 AM
SAN DIEGO, July 21, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Fastly, Inc. (NYSE:FSLY) securities between February 15, 2024 and May 1, 2024, all dates inclusive (the "Class Period"), have until this Tuesday, July 23, 2024 to seek appointment as lead plaintiff of the Fastly class action lawsuit. Captioned Kula v. Fastly, Inc., No. 24-cv-03170 (N.D. Cal.), the Fastly class action lawsuit charges Fastly as well as certain of Fastly's top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Fastly class action lawsuit, please provide your information here:
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Fastly class action lawsuit must be filed with the court no later than July 23, 2024.
CASE ALLEGATIONS: Fastly operates an edge cloud platform for processing, serving, and securing customer's applications.
The Fastly class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) contrary to Fastly's 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 Content Delivery Network consolidation trend; (ii) these issues were likely to have a material negative impact on Fastly's revenue growth; (iii) accordingly, Fastly was unlikely to meet its own previously issued revenue guidance for fiscal year 2024; and (iv) as a result, Fastly's financial position and/or prospects were overstated.
The Fastly class action lawsuit further alleges that on May 1, 2024, Fastly reported first quarter 2024 revenue of only $133.5 million, missing consensus estimates by $0.35 million, and lowered its fiscal year 2024 revenue guidance to a range of $555 million to $565 million, significantly below Fastly's previously issued fiscal year 2024 revenue guidance of $580 million to $590 million. On this news, the price of Fastly stock fell more than 32%, according to the Fastly class action lawsuit.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Fastly securities during the Class Period to seek appointment as lead plaintiff in the Fastly class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Fastly class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Fastly class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Fastly class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading complex class action firms representing plaintiffs in securities fraud cases. Over the last decade, our Firm has been ranked #1 on the ISS Securities Class Action Services law firm rankings for six out of the last ten years for securing the most monetary relief for investors. In the last four years, Robbins Geller recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm during that time. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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Contact: Robbins Geller Rudman & Dowd LLP J.C. Sanchez, Jennifer N. Caringal 655 W. Broadway, Suite 1900, San Diego, CA 92101 800-449-4900 info@rgrdlaw.com
