Fastly Investigation Alert: Johnson Fistel, LLP Encourages Long-Term Investors to Reach Out for More Information
Recently a class action was filed against Fastly. The 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.
Johnson Fistel is currently undertaking an extensive investigation related to potential violations of shareholder rights involving certain companies that are facing securities class action lawsuits.
If warranted our firm is prepared to commence a derivative lawsuit on behalf of shareholders who have made a long-term investment in these companies. A derivative lawsuit is aimed at holding accountable the directors and officers, not the corporations themselves, for any potential violations.
What are derivative lawsuits and what can I do as a current long-term shareholder of Fastly? Click here for more information
If you are interested in pursuing this matter, please review and sign the engagement letter below or contact James Baker at jimb@johnsonfistel.com or (619) 814-4471.