BOSTON, May 28, 2024 (GLOBE NEWSWIRE) -- Block & Leviton announces that a securities fraud lawsuit has been filed against Fastly (NYSE: FSLY) and certain of its executives. Investors who have lost money in their Fastly investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/fsly.
What is this all about?
A lawsuit was recently filed against Fastly, Inc., alleging the company and its executives misrepresented to investors that new customer acquisition throughout 2023 would fuel revenue growth in calendar year 2024, when, in fact, Fastly was experiencing a significant deceleration in growth among its largest customers and was losing the market share it had gained through consolidation in 2023. On May 1, 2024, Fastly lowered its FY 2024 revenue guidance by $35 million and explained on an earnings call that "[t]he biggest factor" in the disappointing revised outlook "is a reduction of revenue from a small number of our largest customers." The Company's CFO said "the revenue declines in our largest customers [are] overshadowing the impact of new customer acquisition and product pipeline." Fastly's stock price plummeted 32% on this news.
Who is eligible?
Anyone who purchased Fastly common stock between February 15, 2024 and May 01, 2024 and has seen their shares fall may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is July 23, 2024. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at shareholders@blockleviton.com, or by phone at (888) 256-2510.
Whistleblower?
If you have non-public information about Fastly, you should consider assisting in our investigation or working with our attorneys to file a report with the Securities Exchange Commission under their whistleblower program. Whistleblowers who provide original information to the SEC may receive rewards of up to 30% of any successful recovery. For more information, contact Block & Leviton at shareholders@blockleviton.com or by phone at (888) 256-2510.
Why should you contact Block & Leviton?
Block & Leviton is widely regarded as one of the leading securities class action firms in the country. Our attorneys have recovered billions of dollars for defrauded investors and are dedicated to obtaining significant recoveries on behalf of our clients through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, call (888) 256-2510 or email shareholders@blockleviton.com with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (888) 256-2510
Email: shareholders@blockleviton.com
