NEW YORK, May 27, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Edgio, Inc. f/k/a Limelight Networks, Inc. (“Edgio” or the “Company”) (NASDAQ: EGIO).   Such investors are advised to contact Robert S. Willoughby at  newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Edgio and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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On March 13, 2023, before the market opened, Edgio issued a press release announcing that it would 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, after the Company’s audit committee “identified an error in the Company’s historic accounting treatment of Edgio’s Open Edge solution.”  Edgio stated that it 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, Edgio’s stock price fell $0.16 per share, or 15.5%, to close at $0.87 per share on March 13, 2023.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

CONTACT: 
Robert S. Willoughby
Pomerantz LLP 
rswilloughby@pomlaw.com 
888-476-6529 ext. 7980