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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