San Diego, CA -- (SBWIRE) -- 05/09/2023 -- An investor, who purchased shares of Edgio, Inc. (NASDAQ: EGIO), filed a lawsuit over alleged violations of Federal Securities Laws by Edgio, Inc. f/k/a Limelight Networks, Inc.

Investors who purchased shares of Edgio, Inc. (NASDAQ: EGIO) have certain options and for certain investors are short and strict deadlines running. Deadline: June 26, 2023. NASDAQ: EGIO investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Tempe, AZ based Edgio, Inc. provides edge-enabled software solutions through an integrated delivery, applications, and streaming platform in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. On March 13, 2023, Edgio, Inc. issued a press release stating that "it will restate its previously issued financial statements for the years ended December 31, 2021 and 2020, as well as Quarterly Reports for 2022 and 2021 (collectively, the "Prior Period Financial Statements") related to the revenue recognition of its Open Edge Solution." Shares of Edgio, Inc. (NASDAQ: EGIO) declined to as low as $0.75 per share on March 22, 2023.

The plaintiff claims that between February 11, 2021 and March 12, 2023, the Defendants failed to disclose to investors that the sale of Open Edge equipment should be accounted as financing leases,that there were material weaknesses in the Company's internal controls over financial reporting related to Open Edge transactions, that, as a result, the Company's revenue had been overstated in certain periods, and that, as a result of the foregoing, Defendant's positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of Edgio, Inc. (NASDAQ: EGIO) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.