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NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Fastly, Inc. (NYSE: FSLY) between May 6, 2020 and August 5, 2020, inclusive (the Class Period). The lawsuit seeks to recover damages for Fastly investors under the federal securities laws. To join the Fastly class action, go to http://www.rosenlegal.com/cases-register-1940.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTORS ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF. The lawsuit alleges Defendants violated federal securities laws by knowingly and/or recklessly making false and/or misleading statements about the Companys business, operations, and prospects. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Fastlys largest customer was ByteDance, operator of TikTok, which was known to have serious security risks and was under intense scrutiny by U.S. officials; (2) there was a material risk that Fastlys business would be adversely impacted should any adverse actions be taken against ByteDance or TikTok by the U.S. government; and (3) as a result, Defendants positive statements about the Companys business, operations, and prospects were materially misleading and/or lacked a reasonable basis. On August 5, 2020, Fastly held its second quarter (Q2) 2020 earnings conference call. During the call, defendants disclosed that ByteDance, the Chinese company that operates the wildly popular mobile app TikTok, was Fastlys largest customer in Q2 2020, and that TikTok represented about 12% of Fastlys revenue for the six months ended June 30, 2020. This news shocked the market, as TikTok had been under heavy scrutiny by U.S. officials and others since at least late 2019 due to fears that the data it collects from its users could be accessed by the Chinese government. Indeed, on July 31, 2020, President Trump announced a plan to ban TikTok in the U.S. over national security concerns. As Fastlys Chief Executive Officer admitted on the Q2 2020 earnings call, any ban of the TikTok app by the US would create uncertainty around our ability to support this customer[,] and the loss of this customers traffic would have an impact on our business. On this news, Fastlys share price fell $19.28, or approximately 17.7% from the previous trading days closing price of $108.92, to close at $89.64 on August 6, 2020. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 26, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1940.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or cases@rosenlegal.com. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/. Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firms attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.

Answer: FSLY EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against Fastly, Inc. FSLY