Fastly Hit With Investor Suit After Lowered Revenue Estimates

Fastly Inc. was sued by a shareholder who alleges the software provider misled investors by overstating its financial position.

San Francisco-based Fastly touted its progress following a strong 2023 but didn’t tell investors it was experiencing a slowdown in growth among its largest customers and likely wouldn’t meet its own revenue guidance, the lawsuit said.

“As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages,” said the complaint, filed May 24 in the US District Court for ...