LOS ANGELES–(BUSINESS WIRE)–$STOCKS—The Law Offices of Frank R. Cruz announces an investigation of Edgio, Inc. (“Edgio” or the “Company”) (NASDAQ: EGIO) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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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, Edgio’s share price fell $0.1597 per share, or 15.5%, to close at $0.8703 per share on March 13, 2023, thereby injuring investors.
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If you purchased Edgio securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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