NEW YORK, Aug. 13, 2007 (PRIME NEWSWIRE) -- The Brualdi Law Firm announces that a securities class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of a class (the "Class") of all persons who purchased or acquired securities of Limelight Networks, Inc. ("Limelight Networks" or the "Company") (Nasdaq:LLNW) between June 8, 2007 and August 8, 2007 (the "Class Period").
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Limelight Networks common stock during the period described above, you have certain rights, and have until no later than 60 days, in which to move for Lead Plaintiff status. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Tali Leger, Director of Shareholder Relations at The Brualdi Law Firm, 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1877 or (212) 952-0602, by email to tleger@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com/
The Complaint alleges that defendants, including the Company's top executives and the co-lead underwriters of its IPO, negligently violated the federal securities laws by issuing a Prospectus in connection with its June 8, 2007 initial public offering ("IPO") that was materially misleading regarding adverse business events that were affecting the Company, including: (a) that revenues were suffering due to greater reliance on television-related sales, which are seasonal; and (b) that Limelight Networks was being forced to resort to deep discounting its services in order to attract and maintain customers for its premier services because of those customers' resistance to paying adequate prices, a development that will impact the Company's June 30, 2007 quarter, and will continue to adversely impact the Company going forward. When the truth about these matters was revealed, Limelight Networks shares dropped substantially.