Published
July 16, 2026
A $15 million settlement resolves claims that former Limelight Networks / Edgio executives misled investors about the company's growth, controls, and revenue. If you bought LLNW or EGIO stock between February 12, 2021 and March 10, 2023, you can file a claim by September 28, 2026.
What Is This Settlement About?
A $15,000,000 all-cash settlement has been reached in a securities class action brought on behalf of investors in Limelight Networks, Inc. — the content-delivery-network company that renamed itself Edgio, Inc. in June 2022. The case, captioned Peter Frouws, et al. v. Lyons, et al., No. 2:23-cv-00691-PHX-DJH, is pending in the U.S. District Court for the District of Arizona before Judge Diane J. Humetewa. The defendants are three former company executives: Robert Lyons (former CEO), Daniel Boncel (a former CFO), and Stephen Cumming (who succeeded Boncel as CFO).The amended complaint alleges that, during the class period, the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 by making materially false and misleading statements and omissions about (1) Edgio's performance, growth, sales pipeline, and the success of its business strategy; (2) the company's internal financial controls; and (3) its revenue. The lead plaintiff contends these alleged misrepresentations kept the stock trading at artificially inflated prices, and that class members were damaged when the truth was revealed and the price declined. The defendants expressly deny all allegations of wrongdoing or liability; the settlement resolves the claims without any admission of fault, and the allegations remain unproven.
Status
Claims Open
Claim Deadline
September 28, 2026
Exclude or object by August 28, 2026 · settlement hearing September 14, 2026
Estimated Payout
Pro Rata Share of $15M Fund
Based on your Recognized Loss under the Plan of Allocation
Proof Required
Yes
Broker confirmations or statements for your LLNW/EGIO trades
Who Qualifies?
You are a settlement class member if you purchased or otherwise acquired the common stock of Limelight Networks, Inc. (ticker: LLNW) or Edgio, Inc. (ticker: EGIO) from February 12, 2021 through March 10, 2023, inclusive, unless you are an excluded party under the terms of the Settlement Agreement. On June 16, 2022, Limelight Networks changed its name to Edgio, and the ticker for the company's common stock changed from LLNW to EGIO — both tickers are covered, so it does not matter whether you bought before or after the rebrand. The claim must be filed by the actual beneficial purchaser or acquirer of the shares (or that person's legal representative), not by a brokerage nominee. You do not need to have sued anyone or hired a lawyer to participate.How Much Can You Get?
The settlement establishes a $15,000,000 all-cash fund. After deductions for court-approved attorneys' fees and litigation expenses, any service award to the lead plaintiff, taxes, and notice and administration costs, the net settlement fund will be distributed pro rata to class members who submit valid claims, in accordance with a court-approved Plan of Allocation. Because the fund is fixed, there is no set per-share figure — your recovery depends on when you bought and sold Limelight/Edgio stock, how many shares you held, and the total amount of valid claims filed. Shares purchased after the class period ended on March 10, 2023 are not eligible for a recovery, although the claim form still asks you to report purchases through June 9, 2023 so the administrator can verify your transaction history.How to File a Claim
To be eligible for a payment, submit a completed and signed Proof of Claim and Release Form to the claims administrator, A.B. Data, Ltd., online through the official settlement website or by mail, no later than September 28, 2026. You must attach copies of broker confirmations or other documentation of your transactions in the company's common stock — the schedule of transactions asks for all purchases and sales of Limelight/Edgio common stock from February 12, 2021 through June 9, 2023, plus the number of shares you held at the close of trading on February 11, 2021 and on June 9, 2023. Report every transaction in that window, whether it produced a profit or a loss; incomplete schedules can delay verification or lead to rejection. If you have questions or need a paper form, use the contact page on the official settlement website. You can compare other open investor cases on our securities class action settlements page.Key Deadlines
- September 28, 2026 — deadline to submit a Proof of Claim (online or postmarked).
- August 28, 2026 — deadline to exclude yourself (opt out) or to object to the settlement, the Plan of Allocation, or the fee request.
- September 14, 2026 — the Court's settlement hearing before Judge Diane J. Humetewa in Phoenix, Arizona.
Frequently Asked Questions
Who qualifies for the Edgio securities settlement?
Investors who purchased or otherwise acquired the common stock of Limelight Networks, Inc. (LLNW) or Edgio, Inc. (EGIO) between February 12, 2021 and March 10, 2023, inclusive, are members of the settlement class unless they are an excluded party under the Settlement Agreement. Limelight changed its name to Edgio on June 16, 2022, and its ticker changed from LLNW to EGIO.How much is the settlement and how is it paid?
The settlement creates a $15,000,000 all-cash fund. After court-approved attorneys' fees, litigation expenses, taxes, any service award, and administration costs, the net fund is distributed pro rata among valid claimants under a court-approved Plan of Allocation. There is no fixed per-share amount; your recovery depends on your transactions and the total valid claims filed.What is the deadline to file?
The Proof of Claim must be submitted online or postmarked by September 28, 2026. The deadline to exclude yourself from, or object to, the settlement is August 28, 2026. The Court's settlement hearing is scheduled for September 14, 2026.What proof do I need?
You must attach copies of broker confirmations or other documentation of your Limelight/Edgio common stock transactions. The claim form asks for all purchases and sales from February 12, 2021 through June 9, 2023, plus the number of shares held at the close of trading on February 11, 2021 and June 9, 2023.What did the lawsuit allege?
The amended complaint alleged that three former Limelight/Edgio executives violated Sections 10(b) and 20(a) of the Securities Exchange Act by making materially false or misleading statements about the company's performance, growth, sales pipeline, internal financial controls, and revenue, which allegedly inflated the stock price. These are allegations; the defendants deny all wrongdoing, and the settlement resolves the claims without any admission of liability.Official Proof of Claim and Release Form
Sources
- Official Settlement Website — Edgio, Inc. Securities Litigation (A.B. Data)
- Proof of Claim and Release Form — Frouws v. Lyons (D. Ariz.)
For more class actions keep scrolling below.
Settlement Amount
$15,000,000
Case Title
Peter Frouws, et al. v. Lyons, et al.
Case Number
2:23-cv-00691-PHX-DJH
Court
U.S. District Court, District of Arizona
Class Period
February 12, 2021 – March 10, 2023
Settlement Hearing
September 14, 2026 at 10:00 AM MT
Before Judge Diane J. Humetewa, Phoenix, Arizona
Administrator
A.B. Data, Ltd.
Official Website
Edgio Securities Litigation
