The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for Attorneys’ Fees and Litigation Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.
If you are a Settlement Class Member, your legal rights will be affected by this Settlement whether you act or do not act.
Please read the Notice carefully.
CLASS DEFINITION: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED THE COMMON STOCK OF LIMELIGHT NETWORKS, INC. (TICKER: LLNW) AND/OR EDGIO, INC. (TICKER: EGIO) BETWEEN FEBRUARY 12, 2021 AND MARCH 10, 2023, INCLUSIVE.
| Description | Due Date | |
|---|---|---|
|
SUBMIT A PROOF OF CLAIM |
This is the only way to be eligible to receive a payment from the Net Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiff’s Claims (defined in ¶ 12 of the Notice) that you have against Defendants and the other Released Defendant Persons (defined in ¶ 12 of the Notice), so it is in your interest to submit a Claim Form. Proofs of Claim must be postmarked or submitted electronically to the Claims Administrator by no later than September 28, 2026. |
|
|
EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS |
If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that potentially allows you ever to be part of another lawsuit against the Defendants or any other Released Defendant Persons (defined in ¶ 12 of the Notice) concerning the Released Plaintiff’s Claims (defined in ¶ 12 of the Notice). If you exclude yourself from the Settlement Class, you cannot object or submit a Proof of Claim. Exclusion requests must be submitted in writing and mailed to the Claims Administrator, postmarked by no later than August 28, 2026. |
|
|
FILE AN OBJECTION TO THE SETTLEMENT |
If you elect to remain in the Settlement Class but do not like the proposed Settlement, the proposed Plan of Allocation, and/or the requested attorneys’ fees, Litigation Expenses, or service award, you may object by writing to the Court about why you do not like the Settlement, Plan of Allocation, and/or request for attorneys’ fees, Litigation Expenses, and service award. You are still eligible to submit a Proof of Claim. Objections must be filed with the Court by no later than August 28, 2026. |
|
|
ATTEND THE SETTLEMENT HEARING AND FILE A NOTICE OF INTENTION TO APPEAR |
If you elect to remain in the Settlement Class but do not like the proposed Settlement, the proposed Plan of Allocation, and/or the requested attorneys’ fees, Litigation Expenses, or service award, you may ask to speak in Court about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and Litigation Expenses. You are still eligible to submit a Proof of Claim. Requests to speak at the Settlement Hearing must be filed with the Court by no later than August 28, 2026. |
|
|
DO NOTHING |
If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, still be a member of the Settlement Class, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Defendant Persons about the legal claims being resolved by this Settlement, and that you will be bound by any judgments or orders entered by the Court in the Consolidated Action, including the releases effectuated thereby. |
What is this lawsuit about?
The Amended Complaint in the Consolidated Action alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, Lead Plaintiff alleges that, during the Class Period, Defendants Robert Lyons (former CEO of the Company), Daniel Boncel (a former CFO of the Company), and Stephen Cumming (who succeeded Boncel as CFO) made materially false and misleading statements and omissions concerning (1) Edgio’s performance, growth, and sales pipeline, and the success of its business strategy; (2) Edgio’s internal financial controls; and (3) Edgio’s revenue. The Amended Complaint further alleges that Defendants are liable as control persons under Section 20(a) of the Exchange Act. Lead Plaintiff contends that, as a result of these alleged misrepresentations and omissions, Edgio Common Stock traded at artificially inflated prices during the Class Period, and that Settlement Class Members suffered damages when the truth was revealed and the stock price declined.
Defendants expressly have denied and continue to deny all allegations of wrongdoing or liability against them asserted in the Amended Complaint and/or arising out of any of the conduct, statements, acts, or omissions alleged, or that could have been alleged, in this Consolidated Action.
How do I know if I am part of the Class?
You are potentially a member of the Settlement Class if you purchased or otherwise acquired the common stock of Limelight Networks, Inc. (Ticker: LLNW) and/or Edgio, Inc. (Ticker: EGIO) – which traded under the ticker LLNW prior to June 16, 2022, and thereafter traded under the ticker EGIO – between February 12, 2021 and March 10, 2023, inclusive.
Please read Paragraph 8 of the Notice for exceptions to inclusion in the Class.
How much will my payment be?
At this time, it is not possible to determine how much any individual Settlement Class Member may receive from the Settlement.
Under the Settlement, an all-cash fund of US $15,000,000 has been established for the benefit of the Class in exchange for the release of the Released Claims and the dismissal with prejudice of the Consolidated Action as against all Defendants. If the Settlement is approved, then the Net Settlement Fund will be distributed pro rata, in accordance with a “Plan of Allocation,” to Class Members who submit valid Proofs of Claim. The proposed Plan of Allocation, which is also subject to approval by the Court, is set forth starting on page 9 of the Notice. The “Net Settlement Fund” refers to the balance remaining from the Settlement Amount (including any interest accrued thereon) after deductions for: any Taxes and Tax Expenses; any Notice and Administration Costs; any Court-approved attorneys’ fees and Litigation Expenses awarded to Co-Lead Counsel; any Court-approved service award to Lead Plaintiff; the costs of claims administration; and any other Court-approved deductions.
The Settlement Hearing
The Court will hold a Settlement Hearing on September 14, 2026 at 10:00 a.m. Mountain Time, before the Hon. Diane J. Humetewa, United States District Judge for the District of Arizona, Sandra Day O’Connor U.S. Courthouse, Suite 625, 401 West Washington Street, SPC 81, Phoenix, AZ 85003, for the purpose of determining whether: (i) the Settlement, as set forth in the Stipulation, for $15,000,000 in cash should be approved by the Court as fair, reasonable, and adequate; (ii) the Judgment, as provided under the Stipulation, should be entered; (iii) Co-Lead Counsel should be awarded attorneys’ fees and Litigation Expenses out of the Settlement Fund and, if so, in what amount; (iv) Lead Plaintiff should receive an award to be paid out of the Settlement Fund and, if so, in what amount; and (v) the Plan of Allocation should be approved. Additional details about the Settlement Hearing, including copies of any papers filed in support of the Settlement, Plan of Allocation, Co-Lead Counsel’s fee and expense request, and any request for a service award to the Lead Plaintiff, will be posted on this website once available. Any updates and/or changes to the scheduling of the Settlement Hearing will be posted on this website as well. The Court may adjourn or continue the Settlement Hearing without further notice to members of the Settlement Class. Please check this Website for updates and notice of possible scheduling changes.
Any Settlement Class Member may appear at the Settlement Hearing and be heard on any of the foregoing matters; provided, however, that no such person shall be heard unless his, her, or its objection is made in writing and is filed and served in accordance with the instructions in Question 15 of the Notice.
Settlement Class Members do not need to attend the Settlement Hearing. The Court will consider any submission made in accordance with the provisions below, even if a Settlement Class Member does not attend the hearing. You can participate in the Settlement without attending the Settlement Hearing.
Further Information
For more details regarding this case, please reference the documents filed in the case under the “Court Documents” section at the top of this website. You may also contact the Claims Administrator or Co-Lead Counsel for further information regarding this case.
Claims Administrator:
Edgio Inc. Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 173037
Milwaukee, WI 53217
Email: info@EdgioSecuritiesLitigation.com
Telephone: (877) 719-1806
Co-Lead Counsel:
Scott+Scott Attorneys at Law LLP
William C. Fredericks
The Helmsley Building
230 Park Ave, 24th Floor
New York, NY 10169
Email: wfredericks@scott-scott.com
Telephone: (212) 223-6444