Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Fastly, Inc. (FSLY)

NEW YORK, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Fastly, Inc. (“Fastly” or the “Company”) (NYSE: FSLY) in the United States District Court for the Northern District of California on behalf of those who purchased or acquired the securities of Fastly between May 6, 2020 and August 5, 2020, inclusive (the “Class Period”).  The lawsuit seeks to recover damages for Fastly investors under the federal securities laws.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) 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) 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) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

Investors who purchased or otherwise acquired shares of Fastly during the Class Period should contact the Firm prior to the October 26, 2020 lead plaintiff motion deadline.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].

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