Class Action Lawsuit against Fastly, Inc. (NYSE:FSLY)
Class Action Lawsuit Against Fastly, Inc.:
- Shareholders filed a lawsuit against Fastly, Inc. alleging they bought stock at inflated prices and seek compensation for financial losses.
- Investors who purchased Fastly stock between February 15, 2024, and May 1, 2024, are eligible to join the lawsuit.
Fastly's Business and Allegations:
- Fastly is a Software-as-a-Service (SaaS) provider known for its edge cloud network and Content Delivery Network (CDN) services.
- Plaintiffs claim that Fastly and two senior officers made false statements about the company's business practices and prospects during the Class Period.
Claims Made by Fastly:
- Fastly boasted about stable customer retention rates and growth in customer count during Q4 FY23 earnings call.
- CEO mentioned that the growing customer base would contribute to revenue growth and diversification among verticals.
Revelation of Truth:
- On May 1, 2024, Fastly's Q1 FY24 results showed disappointing metrics compared to previous claims.
- The company missed revenue expectations, leading to a significant cut in revenue guidance for Fiscal 2024.
Stock Performance and Impact:
- Following the poor Q1 results, Bank of America downgraded FSLY stock to Sell from Buy on May 2, causing a 32% drop in share price.
- Fastly shares have plummeted over 58% in 2024, resulting in substantial losses for shareholders.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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