RADNOR, Pa., June 18, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) advises investors that a class action lawsuit has been filed against Fastly, Inc. (“Fastly”) (NYSE: FSLY) in the U.S. District Court for the Northern District of California. The lawsuit alleges that Fastly violated the federal securities laws, including omissions and fraudulent misrepresentations regarding the Company’s business, operations and prospects. As a result of Fastly’s materially misleading statements and omissions to the public, Fastly’s investors have suffered significant losses.
If you have suffered losses with Fastly, you can CLICK HERE or go to: https://www.ktmc.com/new-cases/fastly-inc?utm_source=PR&utm_medium=link&utm_campaign=fsly&mktm=r
You may also contact Attorney Jonathan Naji, Esq. of Kessler Topaz by phone at (484) 270-1453 or by email at [email protected]. The deadline to file the lawsuit is July 23, 2024.
CANNOT WATCH THIS VIDEO? PLEASE CLICK HERE or go to: https://youtu.be/MVbQwTvArKo
ALLEGED MISCONDUCT OF THE DEFENDANT
On February 14, 2024, Fastly issued a press release with revenue guidance for the full year (“FY”) 2024 in a range of $580 million to $590 million. In the same press release, Fastly’s CEO was quoted as saying, “This quarter demonstrated the progress we have made in operational and financial rigor. resulting in strong gross margins and non-GAAP net income” and “our go-to-market, packaging and distribution channel efforts through 2023 resulted in an inflection point in our customer acquisition at year-end.” This means we are well positioned for 2024, This drives our mission to make every user experience fast, secure and engaging.”
On May 1, 2024, Fastly announced its first quarter 2024 results. Despite Fastly’s positive statements a few weeks earlier about its performance and near-term business outlook, Fastly reported revenue of only $133.52 million, below consensus estimates. Fastly also lowered its fiscal 2024 revenue guidance to a range of $555 million to $565 million, well below its previously published fiscal 2024 revenue guidance of $580 million to $590 million and also below consensus estimates of $584.62 million for the same period.
Then, on May 2, 2024, Bank of America downgraded Fastly stock from Buy to Underperform and lowered its price target on the stock from $18 per share to just $8 per share. On this news, Fastly stock price declined by $4.14 per share, or about 32.02%, from $12.93 per share on May 1, 2024 to $8.79 on May 2, 2024.
WHAT CAN I DO?
Fastly investors can by 23 July 2024 at the latest, seek to be appointed as lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or another attorney, or choose to do nothing and remain absent as a class member. Kessler Topaz Meltzer & Check, LLP recommends that Fastly investors who have suffered significant losses contact the firm directly for more information. The class action lawsuit against Fastly, Kula v. Fastly, Inc. et al., Case number 24-cv-03170 is filed in the U.S. District Court for the Northern District of California.
CLICK HERE TO REGISTER FOR THE CASE OR GO TO: https://www.ktmc.com/new-cases/fastly-inc?utm_source=PR&utm_medium=link&utm_campaign=fsly&mktm=r
WHO CAN BE THE MAIN CAMP?
A lead plaintiff is a representative party acting on behalf of all class members in directing the litigation. The lead plaintiff is typically the investor or small group of investors who have the largest financial interest and who are also appropriate and typical of the proposed investor class. The lead plaintiff selects counsel to represent the lead plaintiff and the class, and those attorneys, if approved by the court, are lead or class counsel. Your ability to share in any compensation will not be affected by the decision whether or not to serve as lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP litigates class action lawsuits in state and federal courts across the country and around the world. The firm has earned a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate wrongdoing. All of our work is driven by a common goal: to protect investors, consumers, employees and others from corporate and fiduciary fraud, abuse, misconduct and negligence. The claim in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP, visit www.ktmc.com.
CONTACT:
Jonathan Naji, Esq.
Kessler Topaz Meltzer & Check, LLP
(484) 270-1453
280 King of Prussia Street
Radnor, PA 19087
[email protected]
May be considered Attorney Advertising in certain jurisdictions. Past results are not a guarantee of future results.
