SAN DIEGO--(BUSINESS WIRE)--On February 10, 2021, Robbins Geller Rudman & Dowd LLP (“Robbins Geller”), representing the Court-appointed Lead Plaintiff, was appointed Lead Counsel for plaintiffs in a class action brought on behalf of purchasers of Fastly Inc. (“Fastly”) (NYSE:FSLY) securities between May 6, 2020 and October 14, 2020 (the “Class Period”) for violations of the Securities Exchange Act of 1934.
The consolidated complaint, which was filed in the United States District Court for the Northern District of California on April 12, 2021, alleges that, during the Class Period, defendants failed to disclose that Fastly’s revenue growth was driven by its single largest customer, China-based ByteDance, the operator of the wildly popular video sharing application TikTok, who at the time was under threat of shut down in the United States due to fears that the data it collects from its users could be used by the Chinese government. Instead of disclosing that TikTok had become Fastly’s single largest customer in the first quarter of 2020, and that the U.S. bans it was facing posed a material risk to Fastly’s revenues, defendants repeatedly touted the Company’s revenue growth, the strength of its enterprise customers and demand for its edge based platform, while omitting any mention of TikTok and the risk it posed to Fastly’s revenues..
If you have relevant information you wish to discuss, or have any questions concerning your rights, please contact shareholder relations of Robbins Geller at 800/449-4900 or 619/231-1058 or via e-mail at djr@rgrdlaw.com.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. ISS Securities Class Action Services has ranked Robbins Geller as one of the top law firms in the world in both amount recovered and total number of class action settlements for shareholders every year since 2010. The SCAS 2020 Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other plaintiffs’ firm. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.
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