NEW YORK, NY / ACCESSWIRE / March 18, 2023 / WHY: Rosen Law Firm, a global investor rights law firm, announces that it is investigating potential securities claims on behalf of shareholders of Edgio, Inc. (NYSE:EGIO) resulting from allegations that Edgio may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Edgio securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=13174 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.
WHAT IS THIS ABOUT: 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 $0.16 per share, or 15.53%, to close at $0.8700 per share on March 13, 2023, thereby injuring investors.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
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Attorney Advertising. Prior results do not guarantee a similar outcome.
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
SOURCE: The Rosen Law Firm, P.A.