Investor Alert: Kaplan Fox Investigates Fastly For Potential Securities Fraud

NEW YORK, Oct. 15, 2020 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Fastly, Inc. ("Fastly" or the "Company") (NYSE: FSLY), the provider of an edge cloud platform.  A complaint has been filed on behalf of investors who purchased Fastly common stock between May 6, 2020 and August 5, 2020, inclusive (the "Class Period").

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 Fastly's largest customer in Q2 2020, and that TikTok represented about 12% of Fastly's revenue for the six months ended June 30, 2020. 

According to the complaint, 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.

Following this news, Fastly's shares fell $19.28 per share, about 17.7%, to close at $89.64 per share on August 6, 2020.

If you are a member of the proposed Class, you may move the court no later than October 26, 2020 to serve as a lead plaintiff for the purported class.  You need not seek to become a lead plaintiff in order to share in any possible recovery.  If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 646-315-9003.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this Notice, your rights, or your interests, please contact:

Donald R Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: dhall@@kaplanfox.com 

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax:  (415) 772-4707
E-mail: [email protected]

SOURCE Kaplan Fox & Kilsheimer LLP