Edgio $15 Million Securities Class Action Settlement

William C. Gendron

Editor in Chief

Published

July 16, 2026 12:59 PM

Updated

July 16, 2026

Who can file a claim?

The settlement includes all persons and entities who purchased or otherwise acquired the common stock of Limelight Networks Inc. or Edgio Inc. between Feb. 12, 2021, and March 10, 2023, inclusive.

Additional details

Both individuals and entities can be class members.
The company's common stock traded under the ticker symbol LLNW before June 16, 2022, and under the ticker symbol EGIO on or after that date.
The actual beneficial purchaser or acquirer or a legal representative must submit the claim.
All joint purchasers or acquirers must sign the claim form.
Executors, administrators, guardians, conservators and trustees may submit claims on behalf of others and must provide proof of their authority.
Claimants filing for multiple accounts must submit a separate claim form for each account.

How much can class members get?

The total settlement fund is $15,000,000. The amount each class member will receive depends on several factors:

The number of valid claims submitted
The number of shares purchased or acquired during the class period
The timing of each purchase, sale and holding
The total recognized claims of all claimants

The settlement administrator will distribute payments on a pro rata basis according to the court-approved plan of allocation:

Actual payments may be higher or lower depending on individual claims and the total number of valid claims.
The settlement administrator will calculate a recognized loss amount for each purchase or acquisition of Limelight or Edgio common stock during the class period based on when class members bought and sold their shares.

For shares sold before April 28, 2022, the recognized loss is $0.
For shares sold from April 28, 2022, through March 10, 2023, inclusive, the recognized loss is the lesser of the decline in artificial inflation during the holding period (Table 1 on Page 10 of the class notice) or the purchase price minus the sale price.
For shares sold from March 13, 2023, through the close of trading on June 9, 2023, the recognized loss is the lesser of the decline in artificial inflation during the holding period, the purchase price minus the sale price or the purchase price minus the average closing price between March 13, 2023, and the date of sale (Table 2 on Page 11 of the class notice).
For shares held as of the close of trading on June 9, 2023, the recognized loss is the lesser of the decline in artificial inflation during the holding period or the purchase price minus $0.64, the average closing price of the company's common stock between March 13, 2023, and June 9, 2023.

The settlement administrator will set any recognized loss that calculates to a negative number to zero.
If total recognized claims exceed the net settlement fund, the settlement administrator will reduce payments on a pro rata basis.
Class members whose payment would be less than $10 will not receive a payout.

How to claim an Edgio securities class action settlement payment

Class members may file a claim online or download, print and complete the PDF claim form and mail it to the settlement administrator. The claim deadline is Sept. 28, 2026.

Settlement administrator’s mailing address: Edgio Inc. Securities Litigation, c/o A.B. Data Ltd., P.O. Box 173037, Milwaukee, WI 53217

Proof or documentation required to submit a claim

All class members must provide the last four digits of their Social Security number or taxpayer identification number. They must also provide holding, purchase and sale information, including:

Number of Limelight common shares held as of the close of trading on Feb. 11, 2021
Trade dates for purchases and sales from Feb. 12, 2021, through June 9, 2023
Number of shares purchased, acquired or sold and the total purchase, sale or acquisition price
Number of Edgio common shares held as of the close of trading on June 9, 2023

Class members must also provide documentation to support their transactions in Limelight or Edgio common stock. Acceptable proof includes:

Broker confirmations
Account statements showing purchases, sales and holdings
Other documentation showing the dates, prices and quantities of shares purchased, sold or held

Payout options

Physical check

$15 million settlement fund

Settlement administration costs: To be determined
Attorneys' fees: Up to $5,000,000
Attorneys' expenses: Up to $431,000
Service award to lead plaintiff: Up to $5,000
Payments to eligible class members: Remainder of the fund

Important dates

Opt-out deadline: Aug. 28, 2026
Fairness hearing: Sept. 14, 2026
Deadline to file a claim: Sept. 28, 2026

When is the Edgio securities class action settlement payout date?

The settlement administrator will issue payments after it completes claims processing and the court grants final approval to the settlement and any appeals are resolved.

Why did this class action settlement happen?

The class action lawsuit alleged Robert Lyons, Daniel Boncel and Stephen Cumming made materially false and misleading statements and omitted material facts about Edgio's performance, growth, sales pipeline, internal financial controls and revenue. The plaintiffs claimed these statements artificially inflated the company's stock price, which declined when the company revealed the truth.

The defendants denied all allegations of wrongdoing and liability but agreed to settle to avoid the cost, risk and uncertainty of continued litigation.