Robbins LLP reminds investors

SAN DIEGO, June 4, 2024 (GLOBE NEWSWIRE) –

Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of individuals and entities who purchased or otherwise acquired securities of Fastly, Inc. (NYSE: FSLY) between February 15, 2024 and May 1, 2024. Fastly operates an edge cloud platform for processing, delivering, and securing customer applications.

For more information, submit a form, email Attorney Aaron Dumas, Jr., or call us at (800) 350-6003.

The accusations: Robbins LLP investigates allegations that Fastly, Inc. (FSLY) failed to disclose slowing growth among its largest customers

According to the complaint, during the Class Period, defendants failed to disclose that: (i) contrary to Fastly’s representations to investors, the Company actually experienced a significant slowdown in growth among its largest customers and lost market share gained through the 2023 CDN consolidation trend; (ii) the foregoing issues would likely have a material adverse effect on the Company’s revenue growth; (iii) the Company would accordingly likely fail to achieve its previously published FY 2024 revenue guidance; and (iv) as a result, the Company’s financial condition and/or prospects were overstated.

The plaintiff alleges that on May 1, 2024, Fastly announced disappointing financial results for the first quarter of 2024, reporting revenue of just $133.52 million, missing consensus estimates by $0.35 million. The company 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. On May 2, 2024, Bank of America downgraded Fastly stock from a “buy” rating to an “underperform” rating and lowered its price target on the stock from $18 to $8 per share. Following these developments, Fastly’s stock price fell $4.14 per share, or 32.02%, to close at $8.79 per share on May 2, 2024.

What now: You may be eligible to participate in the Fastly, Inc. class action lawsuit. Shareholders who wish to serve as lead plaintiff for the class action lawsuit must file their motions with the Court by July 23, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible to receive compensation. If you choose not to take action, you may remain an absent class member. For more information, click here Here.

Representation is on a contingency basis. Shareholders pay neither fees nor expenses.

About Robbins LLP: Some law firms issuing press releases on this matter do not litigate securities class actions; Robbins LLP does. As a recognized leader in shareholder litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures and hold corporate executives accountable for wrongdoing since 2002. Since our founding, we have recovered more than $1 billion for shareholders.

To be notified when a class action lawsuit against Fastly, Inc. is settled, or to receive free alerts when company executives engage in wrongdoing, sign up for Stock monitoring Today.

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