Edgio, Inc. (NASDAQ: EGIO)

This lawsuit is for anyone who acquired securities in Edgio, Inc. (NASDAQ: EGIO) from February 11, 2021 through March 12, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that,throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company had proper controls in place to prevent improper accounting but then by materially overstating revenue.

On March 13, 2023, before the market opened, Edgio issued a press release disclosing that it will restate its previously issued financial statements for the years ended December 31, 2021 and 2020, and Quarterly Reports for 2022 and 2021 related to the revenue recognition of its Open Edge Solution. Edgio further disclosed that its audit committee “identified an error in the Company’s historic accounting treatment of Edgio’s Open Edge solution.” As a result, the Company further disclosed that it would be unable to file its annual report on time. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Edgio, Inc. (NASDAQ: EGIO) from February 11, 2021 through March 12, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.