Fastly (FSLY) Contracts Repricing Case

N.D. California

Court

4:24-cv-03170

Case number

15 Feb 2024

Class period Start

01 May 2024

Class period End

23 Jul 2024

Lead Plaintiff motion deadline

$FSLY stockholder filed a claim vs. Fastly for hiding its market share loss and overstating its financial position and prospects.
On May 2, 2024, on the news of material contract repricing in Fastly's top customers, $FSLY fell 32%, losing $565M+ in shareholder value.
Fastly investors can join this case to be notified about potential recovery.
Case Details:

On May 1, 2024, Fastly disclosed that it was experiencing significant contract repricing in its top customers.

Fastly's Q1 2024 financial results, released that day, fell short of revenue expectations by $0.35M. 

Additionally, they revised down their full-year revenue forecast.

On this news, $FSLY fell 32% on May 2, 2024, losing $565M+ in shareholder value.

Based on this information $FSLY stockholder filed a claim against Fastly and its leaders, accusing them of the following:
Fastly was hiding its slower growth and decreasing market share; 
The Company was unlikely to meet its own revenue guidance for FY 2024; 
As a result, Fastly’s financial position and prospects were overstated. 
Considering all the representations, investors suspect Fastly of hiding information about its business, operations and prospects.

Case Status

Lead Plaintiff Submission

Alleged Offence

Misleading Statements,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

02 May 2024

Filing date

24 May 2024

Lead Plaintiff Deadline

23 July 2024

Fastly (FSLY) Contracts Repricing Case

Collecting participants…