Fastly, Inc. (FSLY) Announces Complete Dismissal of Shareholder Class Action and Derivative Lawsuits
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Fastly, Inc. (NYSE: FSLY), the world’s fastest global edge cloud network provider, today announced a complete dismissal of a shareholder class action lawsuit and a related shareholder derivative lawsuit.
In November 2021, the United States District Court for the Northern District of California dismissed the shareholder class action complaint, captioned In re Fastly Securities Litigation, in its entirety. In light of this strong ruling in Fastly’s favor, the plaintiff abandoned their claims entirely and voluntarily dismissed the case with prejudice, waiving their right to any and all appeals. Similarly, the plaintiffs in the related shareholder derivative lawsuit, captioned In re Fastly Shareholder Derivative Litigation, filed in the United States District Court for the District of Delaware, voluntarily dismissed all claims and that court terminated the action.
“From the beginning, we maintained our belief that these lawsuits were without merit and committed to vigorously defending against them,” said Paul Luongo, Fastly’s Chief Legal and Trust Officer. “The order by the court and the subsequent voluntary dismissals support and validate our position. We could not be more pleased with the outcome.”
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