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LOS ANGELES, Sept. 01, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Fastly, Inc. ("Fastly" or "the Company") (NYSE: FSLY) investors that acquired securities between May 6, 2020 and August 5, 2020.
The complaint alleges that the defendants made misleading and/or false statements and/or failed to disclose: (1) that ByteDance, operator of TikTok, was Fastly's largest customer, which was already understood to have serious security risks and was already under intense scrutiny by U.S. government officials; (2) that there was a material risk that Fastly's business would be negatively impacted if any adverse actions were taken by the U.S. government against TikTok or ByteDance; (3) and that as a result, the positive statements made by the defendants' about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details became known to the market, it is alleged that investors suffered damages.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
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