Edgio, Inc. f/k/a Limelight Networks, Inc. (“Edgio” or the “Company”) (NASDAQ: EGIO)

Join This Class Action

NEW YORK, NY –  May 3, 2023 – Wolf Haldenstein Adler Freeman & Herz LLP  (“Wolf  Haldenstein”) announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of Arizona, on behalf of persons and entities that purchased or otherwise acquired Edgio, Inc. f/k/a Limelight Networks, Inc. (“Edgio” or the “Company”) (NASDAQ: EGIO) securities between February 11, 2021 and March 12, 2023, inclusive.

All investors who purchased shares and incurred losses are  advised  to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. 

If you have incurred losses, you may, no later than June 26, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

Edgio is a software company known as “Limelight Networks, Inc.” until June 16, 2022.

On February 11, 2021, Edgio issed a press release announcing its fourth quarter and full year 2020 results, stating that “its GAAP net loss was $(19.3) million, or $(0.16) per basic share, versus a net loss of $(16.0) million, or $(0.14) per basic share, in 2019.” Its 10-K, filed the next day, affirmed those results and had attached certifications attesting to the accuracy and efficacy of its internal financial controls.

From April 2021 through November 2022, the Company’s press releases and filings announcing their financial results all contained the same certifications that their disclosure controls and procedures were effective at the reasonable assurance level.

On March 13, 2023, before the market opened, Edgio issued a press release announcing that it will restate its previously issued financial statements for the years ended December 31, 2021 and 2020, as well as the quarterly reports for fiscal 2022 and 2021, because its audit committee “identified an error in the Company’s historic accounting treatment of Edgio’s Open Edge solution.” Specifically, the sale of the Open Edge equipment should have been accounted as financing leases.

The Company anticipated the restatements would result in a “reduction to revenue of up to approximately $23.0 million for the nine-month period ended September 30, 2022, up to approximately $16.7 million for the twelve-month period ended December 31, 2021, and up to approximately $6.6 million for the twelve-month period ended December 31, 2020.” As a result, the Company stated that it would be unable to file its annual report on time.

On this news, the Company’s share price fell $0.1597, or 15.5%, to close at $0.8703 per share on March 13, 2023.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP

Patrick Donovan, Esq.

Gregory Stone, Director of Case and Financial Analysis

Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com

Tel: (800) 575-0735 or (212) 545-4774


Certification and Authorization Pursuant to Federal Securities Laws

  • The individual or entity listed below requests Wolf Haldenstein Adler Freeman & Herz LLP to file an action or motion for appointment as lead plaintiff and lead counsel under the federal securities laws to recover damages and to seek other relief against Edgio, Inc. f/k/a Limelight Networks, Inc. (“Edgio” or the “Company”) (NASDAQ: EGIO). Wolf Haldenstein Adler Freeman & Herz LLP will not do so until you complete a retainer agreement authorizing us to prosecute the action on a contingent fee basis.

  • I, individually or on behalf of the entity I represent ("I"), hereby certify as follows:

    1. I have reviewed the complaint and authorize the filing of a lead plaintiff motion or action on my behalf.
    2. I did not acquire the security that is the subject of this action at the direction of the Firm or in order to participate in this private action or any other litigation under the federal securities laws.
    3. I am willing to serve as a representative party on behalf of a class, including providing testimony at deposition and trial, if necessary.
    4. I represent and warrant that I am fully authorized to enter into and execute this certification.
    5. I will not accept any payment for serving as a representative party on behalf of the class beyond my pro rata share of any recovery, except such reasonable costs and expenses (including lost wages) directly relating to the representation of the class as ordered or approved by the court.
    6. I have made no transaction(s) during the Class Period in the debt or equity securities that are the subject of this action except those set forth below:
  • Type of SecurityBuy Date (mm/dd/yy)# of SharesPrice per Share 
  • Type of SecuritySell Date (mm/dd/yy)# of SharesPrice per Share 
  • Reset signature Signature locked. Reset to sign again
    Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

Date of signing: 06/09/2023