According to the Complaint, Fastly, Inc. is the provider of an edge cloud platform that purportedly enables “customers to create great digital experiences quickly, securely, and reliably by processing, serving, and securing [its] customers’ applications as close to their end-users as possible.”

The Complaint alleges that during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose: (1) that Fastly’s 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) that there was a material risk that Fastly’s business would be adversely impacted should any adverse actions be taken against ByteDance or TikTok by the U.S. government; and (3) that, as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On October 27, 2020, the Court issued an Order consolidating cases. On February 10, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on April 12. On June 11, Defendants filed a Motion to Dismiss the consolidated Complaint. The Court issued an Order on November 23, granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. On December 21, Lead Plaintiff voluntarily dismissed the case.