NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP notifies investors of the approaching July 23, 2024 deadline to seek the role of lead plaintiff in a federal securities class action filed on behalf of those who acquired Fastly, Inc. (“Fastly” or the “Company”) (NYSE: FSLY) securities during the period of February 15, 2024 to May 1, 2024, inclusive (“the Class Period”).
[Click here to learn more about the class action]
On May 2, 2024, Bank of America downgraded Fastly stock from a “Buy” rating to an “Underperform” rating and cut its price target on the stock from $18 per share to a mere $8 per share, noting that “[d]ecelerating growth in Fastly’s largest customers, share loss in delivery, and limited visibility in 2H cause us to question a rebound in 2024.” On this news, the price of Fastly shares declined by $4.14 per share, or approximately 32.02%, from $12.93 per share on May 1, 2024, to close at $8.79 on May 2, 2024.
The complaint filed alleges that throughout the Class Period, Fastly made false and/or misleading statements and/or failed to disclose that: (i) 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; and (ii) accordingly, the Company was unlikely to meet its own previously issued revenue guidance for FY 2024.
If you purchased or otherwise acquired Fastly securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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