The litigation, led by plaintiff Peter Frouws, accused former company executives Robert Lyons, Daniel Boncel, and Stephen Cumming of violating federal securities laws through misleading financial disclosures. While the defendants have denied all allegations of wrongdoing, the $15 million fund serves as a compromise to resolve the claims without further legal proceedings. The settlement remains subject to final approval by the Honorable Diane J. Humetewa during a hearing scheduled for September 14, 2026, at the Sandra Day O'Connor U.S. Courthouse in Phoenix.
Edgio Securities Class Action Reaches $15 Million Settlement
Investors who purchased common stock in Limelight Networks or Edgio between February 12, 2021, and March 10, 2023, are eligible for a share of a $15 million settlement. The agreement resolves a class-action lawsuit filed in the U.S. District Court for the District of Arizona regarding alleged financial misstatements.
To participate in the distribution of the settlement fund, affected shareholders must submit a valid Proof of Claim form by September 28, 2026. Those who choose not to participate but wish to remain eligible for potential future individual litigation must file a request for exclusion by August 28, 2026. Shareholders who neither opt out nor file a claim will remain bound by the court's judgment and the release of claims defined in the settlement agreement. Detailed instructions and documentation are available through the official settlement website, EdgioSecuritiesLitigation.com.
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