Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, is investigating claims of violations of federal securities laws on behalf of investors of Fastly, Inc. (“Fastly” or the “Company”) (NYSE: FSLY).
A complaint was filed in the Northern District of California, alleging that Fastly made multiple false or misleading statements relating to their business operations. Namely, Fastly failed to disclose that ByteDance, operator of TikTok, is their largest customer and was known to have serious security risks and be under intense scrutiny by U.S. officials. Fastly also failed to disclose that there was a material risk that their business would be adversely impacted should any adverse actions be taken by the U.S. government against ByteDance or TikTok. These actions caused Fastly’s positive statements about their business, operations, and prospects to be materially misleading and/or lacking a reasonable basis. These facts came to light on August 5, 2020, during Fastly’s second quarter 2020 earnings conference call.
On this news, shares of Fastly fell by $19.28, or approximately 17.7%.
If you are a shareholder of Fastly and wish to participate, learn more, or discuss the issues surrounding the investigation, please contact our attorneys at (914) 733-7256 or via email at investigations@lowey.com.
Whistleblowers: Persons with non-public information regarding Fastly should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has in the past recovered billions of dollars on behalf of investors.
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Lowey Dannenberg P.C.
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White Plains, NY 10601
Tel: (914) 733-7256
Email: investigations@lowey.com