Edgio, Inc. f/k/a Limelight Networks, Inc. Class Action Lawsuit - EGIO
Case Summary
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The Edgio class action lawsuit seeks to represent purchasers or acquirers of Edgio, Inc. f/k/a Limelight Networks, Inc. (NASDAQ: EGIO) securities between February 11, 2021 and March 12, 2023, inclusive (the “Class Period”). Captioned Esfandiari v. Edgio, Inc. f/k/a Limelight Networks, Inc., No. 23-cv-00691 (D. Ariz.), the Edgio class action lawsuit charges Edgio and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Edgio class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Edgio class action lawsuit must be filed with the court no later than June 26, 2023.
CASE ALLEGATIONS: Edgio provides software solutions for companies, including digital content delivery, online video delivery, cloud security, edge computing, cloud storage, and professional services.
The Edgio class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the sale of Open Edge equipment should be accounted as financing leases; (ii) there were material weaknesses in Edgio’s internal controls over financial reporting related to Open Edge transactions; and (iii) as a result, Edgio’s revenue had been overstated in certain periods.
On March 13, 2023, Edgio announced 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 Edgio’s audit committee “identified an error in [Edgio’s] historic accounting treatment of Edgio’s Open Edge solution.” Edgio anticipated the restatements would result in a “reduction in revenues” of “up to approximately $23.0 million for the nine-month period ended September 30, 2022,” “up to approximately $16.7 million for the 12-month period ended December 31, 2021,” and “up to approximately $6.6 million for the 12-month period ended December 31, 2020.” On this news, Edgio’s stock price fell more than 15%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Edgio securities during the Class Period to seek appointment as lead plaintiff of the Edgio class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Edgio class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Edgio class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Edgio class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.