Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action that has been filed on behalf of investors that purchased or acquired the securities of Fastly, Inc. (“Fastly” or the “Company”) (NYSE: FSLY) between May 6, 2020, and August 5, 2020 (the “Class Period”). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased Fastly securities, and/or would like to discuss your legal rights and options please visit Fastly Shareholder Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that Fastly’s largest customer was ByteDance, operator of TikTok, which was known to have serious security risks and was under intense scrutiny by U.S. officials; (2) that there was a material risk that Fastly’s business would be adversely impacted should any adverse actions be taken against ByteDance or TikTok by the U.S. government; and (3) that, as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On August 5, 2020 after market close, Fastly held its second quarter earnings conference call. During the Class, Defendants disclosed that ByteDance was Fastly’s largest customer in the second quarter of 2020, and that TikTok represented about 12% of Fastly’s revenue for the six months ended June 30, 2020.
On this news, Fastly’s share price fell $19.28, or approximately 17.7% from the previous trading day’s closing price of $108.92, to close at $89.64 on August 6, 2020.
If you wish to serve as lead plaintiff, you must move the Court no later than October 26, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Fastly securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/fastlyinc-fsly-shareholder-class-action-lawsuit-stock-fraud-302/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
Matthew E. Guarnero
Bernstein Liebhard LLP