Kirby McInerney LLP Reminds Fastly, Inc. (FSLY) Investors of Class Action Filing and Encourages Investors to Contact the Firm

Core Viewpoint - Fastly, Inc. is facing significant challenges due to revenue declines from its largest customers, leading to a class action lawsuit and a downgrade from Bank of America, which has negatively impacted its stock price. Group 1: Financial Performance - Fastly reported Q1 2024 revenue of $133.52 million, missing consensus estimates by $0.35 million [4] - The company lowered its fiscal year 2024 revenue guidance to $555 million to $565 million, down from the previous guidance of $580 million to $590 million, and below consensus estimates of $584.62 million [4] - Fastly's CEO attributed disappointing results to a reduction of revenue from a small number of its largest customers and noted significant volatility in its CDN strategy [2] Group 2: Legal Issues - A class action lawsuit has been filed on behalf of investors who acquired Fastly securities between February 15, 2024, and May 1, 2024, with a deadline of July 23, 2024, for lead plaintiff applications [1] - The lawsuit alleges that Fastly made false or misleading statements regarding its growth and market share, which contributed to the company's inability to meet its revenue guidance for FY 2024 [5] Group 3: Market Reaction - Following the announcement of disappointing results and lowered guidance, Bank of America downgraded Fastly's stock from "Buy" to "Underperform" and cut its price target from $18 to $8 per share [7] - Fastly's stock price declined by approximately 32.02%, falling from $12.93 to $8.79 per share in response to the downgrade [7]