Edgio Inc., a software solutions and content delivery network, faces a class action lawsuit alleging securities fraud based on accounting errors and financial misstatements during 2020 and 2021.
Investor Mehran Esfandiari sued the company in the US District Court for the District of Arizona alleging two counts of Exchange Act violations on Tuesday. The proposed class includes people who bought Edgio securities between Feb. 11, 2021 and March 12, 2023.
Esfandiari alleges financial misstatements stemming from an accounting error caused the company’s stock to be traded at artificially inflated prices.
On March 13, 2023 Edgio announced it would issue restatements ...
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