FSLY - FASTLY ALERT: Bragar Eagel & Squire P.C. Announces that a Class Action Lawsuit Has Been Filed Against Fastly Inc. and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, May 28, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, 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 all persons and entities who purchased or otherwise acquired Fastly securities between February 15, 2024 and May 1, 2024, both dates inclusive (the "Class Period"). Investors have until July 23, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
Fastly operates an edge cloud platform for processing, serving, and securing customer's applications. The edge cloud is a category of Infrastructure-as-a-Service that purportedly enables developers to build, secure, and deliver digital experiences. Fastly's platform includes a Content Delivery Network ("CDN"), or a geographically distributed network of proxy servers and their data centers. Content owners such as media companies and e-commerce vendors pay CDN operators to deliver their content to their end users. Certain companies have adopted a "Multi-CDN" framework which combines multiple CDNs from various providers into one large global network.
In 2023, a "consolidation trend" emerged in the CDN industry, in which several prominent Multi-CDN companies reduced the number of CDN vendors they had previously managed in an effort to simplify their operations and increase efficiency, opting instead to manage fewer CDN vendors. Facing reduced competition, Fastly was able to materially increase its market share and drive favorable sequential growth.
On February 14, 2024, Fastly issued a press release providing full year ("FY") 2024 revenue guidance in a range of $580 million to $590 million. In that same press release, Fastly's Chief Executive Officer Defendant Todd Nightingale ("Nightingale") was quoted as stating, "[t]his quarter demonstrated ...