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 losses in Edgio stock and wish to serve as lead plaintiff in the class action against Edgio please provide your information below. You can also contact Edgio Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected]. Lead plaintiff motions for the Edgio class action lawsuit must be filed with the court no later than June 26, 2023. If you suffered losses in Edgio stock and have questions, please contact Edgio Stock Loss Lawyer Timothy L. Miles today
What Are the What Are the Allegations in the Loyalty Ventures Class Action Lawsuit??
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 as investors suffered losses in Edgio stock.
Will the Lead Plaintiffs Get More Money than Class Members who Suffered Losses in Edgio Stock if the Edgio Class Action Lawsuit Settles?
No, but the lead plaintiff in the Edgio class action lawsuit may be entitled to recover their reasonable expenses incurred with are directly related to representing the class. Under the Private Securities Litigation Reform Act of 1995, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class. However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff which directly relates to the representation of the class.
If I Suffered Losses in Edgio Stock, How Much Can I Get Out of the Edgio Class Action Lawsuit?
In a securities fraud class action lawsuit, the plaintiff’s damages are typically calculated as out-of-pocket losses. These losses are expressed as the difference between the price at which the stock was sold and the price at which the stock would have been sold absent any artificial inflation caused by the defendant’s alleged misrepresentations or omissions which caused you to suffer losses in Edgio stock.
How Much Does it Cost to Hire a Edgio Stock Loss Lawyer if I Suffered Losses in Edgio Stock?
If you suffered losses in Edgio stock and are a member of the class, it does not cost anything to hire a Edgio stock loss lawyer. Our firm litigates securities fraud cases on a contingent fee basis, so plaintiffs and the class do not pay attorneys’ fees or court costs unless there is a recovery, and the attorney fees and cost are awarded by the court as a percentage of the total recovery for the class.
Contact an Edgio Stock Loss Lawyer Today if You Suffered Losses in Edgio Stock About an Edgio Class Action Lawsuit
If you suffered losses Edgio stock, contact Edgio stock loss lawyer Timothy L. Miles today for a free case evaluation about a class action lawsuit against Edgio.
Timothy L. Miles, Esq.
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more. Please visit our website.
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846-6529
Email: [email protected]
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